Timken posts lower profit, cuts outlook again

Resource from: Reuters Likes:228

Oct 25,2013

Oct 24 (Reuters) - Timken Co on Thursday reported a lower quarterly profit and cut its full-year outlook yet again, citing weak demand for its ball bearings and specialty steel across all markets. The Canton, Ohio-based company posted a third-quarter profit of $52.2 million, or 54 cents a share, down from $80.9 million, or 83 cents a share, in the comparable period last year. Sales fell 7 percent to $1.1 billion. Timken said it now expects full-year 2013 sales to be down 13 percent compared with a year before. At the start of this year, Timken said it expected sales to be down 5 percent in 2013. In July, the company revised that outlook and said it expected sales to be down 10 percent this year, in part because of softer-than-expected demand from industrial customers.

(Reuters)

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