Timken Co 2Q EPS 58 Cents Vs EPS 79 Cents

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Aug 01,2007

Timken Co 2Q EPS 58 Cents Vs EPS 79 Cents Timken Co. (TKR) said Tuesday its second-quarter profit totaled $55.3 million, or 58 cents per share, down from $74.7 million, or 79 cents per share, in the same quarter a year before. Income from continuing operations was $55.6 million, or 58 cents per share, compared with $64.9 million, or 69 cents a share. A Thomson Financial poll of analysts had forecast earnings of 73 cents per share. Net sales for the period totaled $1.35 billion, compared with $1.30 billion a year earlier. The Canton, Ohio-based steel and automotive group said its strong industrial markets sales were partially offset by the divestment of its automotive steering and European steel operations. Timken said it expects its 2007 earnings from continuing operations to total $ 2.60 to $2.70 a share, excluding items, compared with $2.13 in 2006.It forecasts third-quarter earnings from continuing operations, excluding items, of 55 cents to 65 cents a share.

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