Timken Co. (TKR) Misses Q2 EPS by 4c, Updates Outlook

Timken Co. (NYSE: TKR) reported Q2 EPS of $0.93, $0.04 worse than the analyst estimate of $0.97. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.19 billion.

Timken Co. sees FY2013 EPS of $3.30-$3.60, which includes 15 cents for plant closure, versus the consensus of $3.97.

The Timken Company now expects 2013 sales to be 10 percent lower year-over-year with:

Mobile Industries sales down 7 to 12 percent for the year due to the impact of lower customer demand and the company's market strategy;

Process Industries sales to be down 2 to 7 percent, due to weaker industrial markets, partially offset by the benefit of acquisitions;

Aerospace sales up 3 to 8 percent, due to increased demand in civil and defense markets; and

Steel sales down 15 to 20 percent, driven by lower industrial and oil and gas end-market demand and surcharges.

"We continue to perform very well, maintaining double-digit operating margins despite weak demand lingering in many global markets," said James W. Griffith, Timken president and chief executive officer. "Although our outlook for the year now reflects a more modest market recovery in the second half, we continue to expect strong financial performance for the remainder of the year."

For earnings history and earnings-related data on Timken Co. (TKR) click here.

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