Timken Raises Earnings Outlook; Company to Announce Quarterly Results April 19
31 Marzo 2005 - 3:30PM
PR Newswire (US)
Timken Raises Earnings Outlook; Company to Announce Quarterly
Results April 19 CANTON, Ohio, March 31 /PRNewswire-FirstCall/ --
The Timken Company (NYSE:TKR) today announced increased earnings
expectations for the first quarter and full year, based on strong
industrial market demand, price increases, raw material surcharges
and increased productivity. The company estimates earnings per
diluted share of $0.57 to $0.62 for the first quarter of 2005 and
$2.05 to $2.20 for the full year, excluding special items. The
company's previous estimates were $0.38 to $0.43 per diluted share
for the first quarter and $1.70 to $1.85 for the full year,
excluding special items. (Logo:
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO ) Said James
W. Griffith, president and CEO: "The strength of the global
industrial market is continuing into 2005, and the company
continues to leverage this volume and improve earnings performance.
The recent slowdown in North American light vehicle production has
been more than offset by strong industrial markets. We are seeing
stronger-than-expected sales volume within our Steel Group,
especially in the general industrial, oil and aerospace end
markets. Annual contracts with Steel Group customers have provided
for price increases and improved surcharge mechanisms." The company
will announce its 2005 first quarter financial results on April 19,
2005, prior to the opening of the New York Stock Exchange. The
financial results will be available through the Internet at
http://www.timken.com/. The company will host a conference call
that day for investors and securities analysts to discuss the
financial results. Conference Call: Tuesday, April 19, 2005 3:00
p.m. Eastern Time All Callers Live Dial-In: 706-634-0975 (Call in
10 minutes prior to be included) Replay Dial-In through April 26,
2005: 706-645-9291 Conference ID: 3420178 Live Webcast:
http://www.timken.com/ The Timken Company (http://www.timken.com/)
is a leading global manufacturer of highly engineered bearings and
alloy steels and a provider of related products and services with
operations in 27 countries. The company reported record sales of
$4.5 billion in 2004 and employed approximately 26,000 at year-end.
Certain statements in this news release (including statements
regarding the Company's forecasts, estimates and expectations) that
are not historical in nature are "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company cautions that actual results may differ
materially from those projected or implied in forward- looking
statements due to a variety of important factors, including:
fluctuations in raw material costs and the operation of the
Company's surcharge mechanisms; the Company's ability to respond to
the rapid improvement in the industrial markets; the results of the
Company's discussions with the union that represents Company
associates at the Canton area manufacturing facilities; and the
impact on operations of general economic conditions, higher raw
material and energy costs, fluctuations in customer demand and the
Company's ability to achieve the benefits of its ongoing programs,
including the implementation of its manufacturing transformation
and rationalization activities. These and additional factors are
described in greater detail in the Company's Annual Report on Form
10-K for the year ended December 31, 2004, and in the Company's
2004 Annual Report, page 64. The Company undertakes no obligation
to update or revise any forward- looking statement. Reconciliation
of Earnings Estimates. Estimated net income per share for the first
quarter and the full year excludes special items. Examples of such
special items include integration/reorganization, impairment and
restructuring expenses and payments under the Continued Dumping and
Subsidy Offset Act (CDSOA.) It is not possible at this time to
identify the potential amount or significance of these special
items. We cannot predict whether we will receive any additional
payments under the CDSOA in 2005 and if so, in what amount. If we
do receive any additional CDSOA payments, they will most likely be
received in the fourth quarter. Contacts: media, Denise Bowler,
Manager, Associate & Financial Communications, 330-471-3485, or
http://www.timken.com/media; or investors, Kevin Beck, Manager,
Investor Relations, 330-471-7181.
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO
http://photoarchive.ap.org/ DATASOURCE: The Timken Company CONTACT:
media, Denise Bowler, Manager, Associate & Financial
Communications, 330-471-3485, or http://www.timken.com/media; or
investors, Kevin Beck, Manager, Investor Relations, 330-471-7181
Web site: http://www.timken.com/
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