Timken Indicates More Job Cuts Are Coming

Excluding special items, net income was $7.1 million or 7 cents per share for the first quarter of 2009, compared with $78.9 million or 82 cents per share in the prior-year period.

Analysts in a Thomson Reuters survey had expected a loss of 2 cents per share. Such estimates generally exclude special items.

Also Monday, Timken lowered its full-year outlook to a range centered on the break-even point, ranging from a profit of 15 cents per share to a loss of 15 cents per share. Its steel group sales are expected to decline approximately 55 to 65 percent for the year due to lower surcharges and demand.

A Thomson Reuters survey of analysts looked for a 2009 profit of 78 cents per share.