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Timken Slashes 2009 Earnings Guidance

Stock quotes in this article: TKR  

CANTON, Ohio (AP) — Bearing maker Timken Co. slashed its 2009 guidance Monday after reporting its first-quarter profit plummeted 99 percent, saying it expects nearly all its markets to contract this year.

Timken said it now expects an adjusted full-year loss of 15 cents per share to a profit of 15 cents per share, compared with a prior forecast of a profit of $1.30 per share to $1.60 per share.

Analysts surveyed by Thomson Reuters expect earnings of 78 cents per share. ...

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