Timken Q2 Results Down But Beat Estimates

(RTTNews) - The Timken Company (TKR) Wednesday reported net income of $96.2 million or $1.36 per share for the second quarter, lower than $125.2 million or $1.73 per share in the same quarter a year ago. However, quarterly results beat the consensus estimates. The company also cut its full-year outlook.

Excluding one-time items, earnings were $115.2 million or $1.63 per share, that beat the analysts' average estimate of $1.6 per share. Analysts' estimates typically exclude special items.

Sales for the quarter declined to $1.182 billion from $1.272 billion last year. The consensus estimate was for $$1.18 billion.

Timken now expects full-year earnings per share in the range of $5.00 to $5.20 and adjusted EPS in the range of $6.00 to $6.20. This compares with the previous outlook for EPS of $5.10 - $5.40 and adjusted EPS of $6.00 to $6.30. Analysts expect the company to report earnings of $6.21 per share.

The company currently expects full-year revenue to be down 3 percent to 4 percent compared with the previous outlook of 2 percent to 4 percent decline. The Street expects revenue to decline 3.1 percent.