Timken Earnings Down 63%

Timken Co., a maker of bearings and alloy steel, said on Wednesday that its fourth quarter earnings fell 63 percent, hurt by weakness in the North American automotive industry.

In the three months completed Dec. 31, Timken earned $35.4 million, or 37 cents per share, on sales of $1.23 billion.

Excluding special items, the company earned 30 cents per share, matching the expectations of analysts surveyed by Thomson Financial.

Timken warned last week that its earnings for the quarter would be lower than expected because of weak North American automotive demand, higher manufacturing costs and the sale of Latrobe Steel.

In the final quarter of 2005, Timken earned $94.9 million, or $1.01 per share, on sales of $1.19 billion. The company received a $77 million government subsidy in that quarter designed to bolster U.S. companies against unfair foreign trade.

Excluding special items, Timken made $50.6 million, or 54 cents per share, in the year ago quarter.

For 2006, Timken earned $222.5 million, or $2.36 per share, on sales of $4.97 billion. In 2005, Timken earned $260.3 million, or $2.81 per share, as sales reached $4.82 billion.

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