Timken Earnings Rise

The Ohio outfit records a 17% rise in earnings for the third quarter.
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Timken (TKR) - Get Report said its third-quarter earnings rose 17% from the year-ago period, helped by strong growth in the industrial and steel business.

The Canton, Ohio-based company, which manufactures engineered bearings, alloy and specialty steel and related components, earned $46.5 million, or 49 cents a share, in the quarter, compared with $39.8 million, or 43 cents a share, a year ago.

Adjusted for items, earnings were $54.2 million, or 57 cents a share. Analysts polled by Thomson First Call were expecting earnings of $55.7 million, or 55 cents a share.

Third-quarter revenue rose 1.2% from a year ago to $1.27 billion, in line with analysts' expectation of 1.27 billion.

The company said it expects to earn $2.65 to $2.75 a share, excluding special items, for 2006, compared with analysts' expectation of $2.69 a share.

"Strong industrial markets and record steel group results contributed to our record second quarter. Our financial performance is underpinned by our strategic progress as we continue to improve the level of innovation and execution across the company", the company said.

By segment, second-quarter revenue from the industrial group rose 7% from a year ago to $501.8 million. Revenue from the automotive group fell 11% to $363.6 million, and revenue from the steel group climbed 3% to $442.6 million.

The company's stock was trading up 29 cents, or 1%, to $30.31 Wednesday.

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