Timken Q3 Profit Beats Estimates; Raises Adj. Earnings Outlook

(RTTNews) - The Timken Company (TKR) reported third-quarter net income of $87.0 million or $1.18 per share compared to $88.1 million or $1.14 per share, a year ago. Excluding special items, adjusted net income was $112.6 million or $1.52 per share, compared to $91.0 million or $1.18 per share. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.33, for the quarter. Analysts' estimates typically exclude special items.

Sales were $1.14 billion, up 9.6 percent from a year ago. Organically, sales were up 13.6 percent. Analysts on average had estimated $1.09 billion in revenue. Timken now expects 2022 earnings per share to range from $5.15 to $5.30 on a GAAP basis. Excluding special items, the company increased 2022 adjusted earnings outlook to a range of $5.80 to $5.95 per share. The company now expects 2022 revenue to be up approximately 9 percent in total at the midpoint from 2021.

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