Timken Company Q3 Adj. Profit Declines, Sales Up 0.6%; Updates 2023 Outlook

(RTTNews) - The Timken Company (TKR) reported third quarter net income of $87.9 million or $1.23 per share compared to $87.0 million or $1.18 per share, a year ago. Adjusted net income was $111.2 million or $1.55 per share compared to $120.5 million or $1.63 per share, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.59, for the quarter. Analysts' estimates typically exclude special items.

Third-quarter sales were $1.14 billion, up 0.6 percent from a year ago. The company said the increase was driven by the benefit of acquisitions, higher pricing and favorable foreign currency translation, partially offset by lower volume. Analysts on average had estimated $1.20 billion in revenue.

Timken updated 2023 outlook, with full-year earnings per share now forecasted to be in the range of $5.60 to $5.70 and adjusted earnings per share in the range of $6.85 to $6.95. The company is now planning for 2023 revenue to be up 5 to 5.5 percent from 2022.

Shares of Timken Company are down 2% in pre-market trade on Wednesday.

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