Timken Raises Second Quarter, Full Year 2006 Earnings Estimates
18 Luglio 2006 - 1:05AM
PR Newswire (US)
Company to announce quarterly results July 26 CANTON, Ohio, July 17
/PRNewswire/ -- The Timken Company (NYSE:TKR) today announced
estimated 2006 second quarter earnings per diluted share of
approximately $0.79, up from $0.73 per diluted share for the same
period a year ago. Excluding the impact of special items, the
company estimates 2006 second quarter earnings per diluted share of
$0.89, up from the previous estimate of $0.75 to $0.80 per diluted
share and above last year's second quarter earnings of $0.77 per
diluted share. The difference between reported and adjusted
earnings is due primarily to restructuring and rationalization
charges and the impact from asset dispositions. (Logo:
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO) "We are
pleased to deliver another strong quarter for our shareholders,"
said James W. Griffith, Timken president and chief executive
officer. "Our better-than-expected results reflect the continued
strength of our industrial markets as well as improved execution.
Steel Group performance, in particular, was very good in the second
quarter, due to both market demand and productivity gains. Second
quarter results also benefited from lower pension and retiree
medical expenses." The company continues to expect improved
performance in the second half of 2006, compared to a year ago. As
a result of its second quarter 2006 performance and a better
outlook for the remainder of the year, the company is increasing
its earnings estimate for the full year to $3.00 to $3.15 per
diluted share, excluding special items. The company's prior
earnings estimate for 2006 was $2.80 to $2.95 per diluted share,
excluding special items. Timken will announce 2006 second quarter
results on July 26, 2006, prior to the opening of the New York
Stock Exchange. The company will host a conference call that day
for investors and securities analysts to discuss the financial
results. Conference Call: Wednesday, July 26, 2006 11 a.m. Eastern
Daylight Time All Callers: Live Dial-In: 800-344-0593 or
706-634-0975 (Call in 10 minutes prior to be included) Replay
Dial-In through August 2, 2006: 800-642-1687 or 706-645-9291
Conference ID: #5677422 Live Webcast:
http://www.timken.com/investors About The Timken Company The Timken
Company, (NYSE:TKRNYSE:http://www.timken.com) keeps the world
turning, with innovative ways to make customers' products run
smoother, faster and more efficiently. Timken's highly engineered
bearings, alloy steels and related products and services turn up
everywhere. With operations in 27 countries, sales of $5.2 billion
in 2005 and 27,000 employees, Timken is Where You Turn(TM) for
better performance. Certain statements in this news release
(including statements regarding the Company's 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: the completion of the Company's financial
statements for the second quarter of 2006, which have not been
finalized and are subject to change; fluctuations in raw material
and energy costs and the operation of the Company's surcharge
mechanisms; the Company's ability to respond to the changes in its
end markets; changes in the financial health of the Company's
customers; 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 future and ongoing programs and initiatives, including the
implementation of its Automotive Group restructuring, the
rationalization of the Company's Canton bearing operations,
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, 2005, page 65, and in the Company's Quarterly Report on Form
10-Q for the quarter ended March 31, 2006. The Company undertakes
no obligation to update or revise any forward-looking statement.
Reconciliation of GAAP estimated earnings per share - diluted
(Unaudited) This reconciliation is provided as additional relevant
information about the company's performance. Management believes
adjusted earnings per share are more representative of the
company's performance and therefore useful to investors. Management
also believes that it is appropriate to compare GAAP earnings per
share to adjusted earnings per share in light of pre-tax special
items. Second Quarter Second Quarter 2006 2005 (Dollars per fully
diluted share) Earnings per share, assuming dilution $0.79 $0.73
Pre-tax special items $0.22 $0.07 Tax effect of special items
($0.12) ($0.03) Adjusted earnings per share, assuming dilution
$0.89 $0.77 Reconciliation of 2006 Earnings Estimate Estimated
expected earnings per diluted share for the full year exclude
special items. Examples of such special items include impairment
and restructuring, manufacturing rationalization/reorganization
expenses, gain or loss on the sale of non-strategic assets, 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
2006 and if so, in what amount. If we do receive any additional
CDSOA payments, they will most likely be received in the fourth
quarter. Media Contact: Denise Bowler, Manager - Global Corporate
& Financial Communications, Telephone: (330) 471-3485,
Facsimile: (330) 471-7032, Investor Contact: Steve Tschiegg,
Manager - Investor Relations, Telephone: (330) 471-7446, Facsimile:
(330) 471-2797,
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO
http://photoarchive.ap.org/ DATASOURCE: The Timken Company CONTACT:
Media Contact, Denise Bowler, Manager - Global Corporate &
Financial Communications, +1-330-471-3485, or Facsimile,
+1-330-471-7032, or , or Investor Contact, Steve Tschiegg, Manager
- Investor Relations, +1-330-471-7446, or Facsimile,
+1-330-471-2797, or , both of The Timken Company Web site:
http://www.timken.com/ http://www.timken.com/investors
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