, a manufacturer of engineered bearings, raised its first-quarter earnings estimate, citing strong demand from industrial markets.
The company now expects to make 70 cents a share, up from the earlier estimate of 55 cents to 60 cents a share. Excluding items, the company expects to earn 71 cents a share. Analysts polled by Thomson First Call are expecting earnings of 59 cents a share.
Excluding items, Timken is expecting to earn $2.80 a share to $2.95 a share for full year 2006. Analysts' estimate stands at $2.74 a share. The company previously estimated earnings of $2.65 a share to $2.80 a share.
"We are seeing continued strong demand from industrial markets. This has translated into better-than-expected first quarter performance in our steel business," the company said. "The steel group benefited from a combination of strength in aerospace and energy-related markets, high capacity utilization and productivity and a lower-than-expected increase in natural gas costs."
Timken rose $2.56 to $33.97.
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