Timken Reduces 2024 Outlook - Update

(RTTNews) - (Adds Outlook)

The Timken Company (TKR) said it is reducing full-year 2024 outlook, with earnings per share now forecasted to be in the range of $4.65 to $4.75 and adjusted earnings per share in the range of $5.55 to $5.65. The company now expects revenue to be down approximately 4 percent in total from 2023. In July, the company projected: earnings per share in the range of $5.00 to $5.20, adjusted earnings per share in the range of $6.00 to $6.20; and revenue to be down 3 to 4 percent in total.

Q3 Results:

The company's bottom line totaled $81.8 million, or $1.16 per share. This compares with $87.9 million, or $1.23 per share, in last year's third quarter. Excluding items, Timken reported adjusted earnings of $87.0 million or $1.23 per share for the period. Analysts on average had expected the company to earn $1.38 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter fell 1.4% to $1.13 billion from $1.14 billion last year.

Shares of Timken are down 5% in pre-market trade on Tuesday.

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