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, 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,
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