Timken Company Q1 Profit Tops Estimates - Quick Facts

(RTTNews) - The Timken Company (TKR) reported first quarter adjusted net income per share of $1.11 compared to $1.35, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.07, for the quarter. Analysts' estimates typically exclude special items.

First-quarter sales were $923.4 million, down 5.7 percent from a year ago. The company said the decline was driven by lower demand in most end markets and unfavorable currency, partially offset by the favorable impact of acquisitions and positive pricing. Analysts expected revenue of $917.84 million for the quarter.

The company expects to generate strong free cash flow for the remainder of 2020, and will be focused on reducing net debt.