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TKR: Timken Shares Lower After Company Issues Warning

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Timken (TKR) - Get Report -- the bearings, alloy and steel maker -- said it expects its third-quarter earnings to fall significantly below both its second-quarter results and last year's same-quarter numbers, due to the drop in the euro and the slowing-down of its automotive and industrial markets.

Timken earned $24.7 million, or 40 cents a share, in the second quarter. The company earned $12.4 million, or 20 cents a share in last year's third quarter.

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survey of five analysts produced a mean earnings estimate for Timken's third quarter of 30 cents a share. The shares were recently off 50 cents to $15.16.