Timken 1Q Profit Plunges, Plans Job Cuts

Timken also sharply reduced its 2009 guidance to a range between a loss and a profit of 15 cents per share, down from previous guidance of between $1.30 per share and $1.60 per share. The company said it now expects the impact of the global recession to continue through the rest of the year with sales in most of its markets down significantly from 2008.

Analysts expect Timken to earn 78 cents per share, according to a survey by Thomson Reuters.

Shares fell sharply in afternoon trading, losing $2.26, or 13.4 percent, to $14.59.