The Timken Company (NYSE: TKR) today announced estimated 2006 first quarter earnings per diluted share of approximately $0.70, up from $0.63 per diluted share for the same period a year ago. Excluding the impact of special items, the company estimates 2006 first quarter earnings per diluted share of $0.71, compared to $0.64 for last year's first quarter. This compares favorably with the company's previous estimate for the first quarter of 2006 of $0.55 to $0.60 per diluted share, excluding special items. The difference between reported and adjusted earnings is due primarily to manufacturing rationalization charges.
"We are seeing continued strong demand from industrial markets. This has translated into better-than-expected first quarter performance in our steel business. The steel group benefited from a combination of strength in aerospace and energy-related markets, high capacity utilization and productivity and a lower-than-expected increase in natural gas costs," said James W. Griffith, Timken president and chief executive officer.
As a result of its first quarter performance, the company has increased its earnings estimate for the full year to $2.80 to $2.95 per diluted share, excluding special items. The company's prior earnings estimate for 2006 was $2.65 to $2.80 per diluted share, excluding special items.
Timken will announce 2006 first quarter results on April 27, 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: Thursday, April 27, 2006
11 a.m. Eastern Daylight Time
All Callers: Live Dial-In: 706-634-0975
(Call in 10 minutes prior to be included)
Replay Dial-In through May 4, 2006:
706-645-9291
Conference ID: #5676501
Live Webcast:
www.timken.com/investors
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