News / Timken posts higher second quarter profit despite drop in revenue
Date: 2016-08-04
Timken posts higher second quarter profit despite drop in revenue
Timken Co. had higher net income on lower revenue for its second quarter.
The Jackson Township bearings manufacturer on Thursday reported net income of $44.9 million, or 57 cents per share, on revenue of $674 million. That compares to net income of $36.7 million, or 43 cents per share, on revenue of $728 million a year ago.
Earnings beat analyst estimates while revenue fell short.
Timken said it expects to earn $1.70 to $1.80 per share this year. Adjusted earnings per share will range from $1.90 to $2.
Sales fell largely because of weakness in all markets, along with unfavorable currency translation, the company said.
“We performed well in the quarter despite challenging market conditions, generating strong cash flow and delivering double-digit operating margins,” Richard G. Kyle, president and chief executive officer, said in a statement. “We also continued to advance our strategic priorities including the recent acquisition of Lovejoy. While we expect our target markets to weaken further in the second half, we are maintaining our full-year adjusted earnings guidance primarily on the strength of our operational excellence initiatives.”
Shares were up 64 cents, or 2 percent, to $33.05 as of 1:21 p.m.
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