Timken Raises Second-Quarter, Full-Year 2008 Earnings Estimates
21 Luglio 2008 - 1:30PM
Business Wire
The Timken Company (NYSE: TKR) today announced estimated
second-quarter 2008 earnings per diluted share of approximately
$0.92. Excluding the impact of special items, the company estimates
second-quarter earnings per diluted share of approximately $0.96.
This compares favorably with the company�s previous estimate for
the second quarter of 2008 of $0.73 to $0.83 per share, excluding
special items. The difference between reported and adjusted
earnings per diluted share is due primarily to manufacturing
rationalization, impairment and restructuring charges, net of tax.
Second-quarter performance benefited from the company�s ability to
capitalize on strong industrial markets, with higher volume,
improved mix and better execution more than offsetting the impact
of declining automotive demand. �We continue to build momentum as
we shift the company�s profile toward attractive global industrial
market sectors where demand remains at historically high levels,�
said James W. Griffith, Timken�s president and chief executive
officer. �As we improve our ability to leverage this strong demand
with business process improvements, better execution and new
capacity, we expect to achieve record earnings in 2008.� The
company increased its full-year 2008 earnings estimate to $2.95 to
$3.10 per diluted share, excluding special items, up from its
previous estimate of $2.75 to $2.95 per share. Timken expects
continued strong global industrial demand to more than offset
weakness in North American automotive markets. Timken will release
its detailed second-quarter financial results prior to the opening
of the New York Stock Exchange on July 30. Conference Call
Information The company will host a conference call for investors
and analysts to discuss second-quarter financial results and
full-year 2008 outlook. Conference Call: � Wednesday, July 30, 2008
11 a.m. Eastern Time � Live Dial-In: 800-344-0593 or 706-634-0975
(Call in 10 minutes prior to be included.) Conference ID: 24735332
� Replay Dial-In through Aug. 6, 2008: 800-642-1687 or 706-645-9291
� Live Webcast: www.timken.com/investors About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the
world turning, with innovative friction management and power
transmission products and services, enabling our customers to
perform faster and more efficiently. With sales of $5.2 billion in
2007, operations in 27 countries and approximately 25,000
employees, Timken is Where You Turn� for better performance.
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. In particular, the statements related to expectations
regarding the company�s financial performance are forward-looking.
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 2008;
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, especially the North
American automotive industry; changes in the financial health of
the company�s customers; changes in the expected costs associated
with product warranty claims; 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, without limitation, the implementation of
its Mobile Industries Segment restructuring program and initiatives
and the rationalization of the company�s Canton bearing operations.
These and additional factors are described in greater detail in the
company's Annual Report on Form 10-K for the year ended Dec. 31,
2007, page 40 and in the company�s Form 10-Q for the quarter ended
March 31, 2008. The company undertakes no obligation to update or
revise any forward-looking statement. Reconciliation of GAAP
estimated diluted earnings per share (unaudited) This
reconciliation is provided as additional relevant information about
the company's performance. Management believes adjusted earnings
per share is more representative of the company's performance and
therefore useful to investors, in light of special items related to
impairment and restructuring and manufacturing
rationalization/reorganization costs. � (Diluted earnings per
share) � Second Quarter 2008 (Dollars per diluted share) � Diluted
earnings per share $ 0.92 � Manufacturing
rationalization/reorganization expenses - cost of products sold
0.01 Manufacturing rationalization/reorganization expenses -
SG&A 0.01 Impairment and restructuring 0.02 � Adjusted diluted
earnings per share $ 0.96 � Reconciliation of 2008 Earnings
Estimate Expected earnings per diluted share for the 2008 full year
excludes special items. Examples of such special items include
impairment and restructuring, manufacturing
rationalization/reorganization expenses, gain/loss on the sale of
non-strategic assets and payments under the CDSOA. It is not
possible at this time to identify the potential amount or
significance of these special items. Management cannot predict
whether the company will receive any additional payments under the
CDSOA in 2008 and, if so, in what amount.
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