Timken: 2Q Earnings Snapshot
NORTH CANTON, Ohio (AP) _ Timken Co. (TKR) on Tuesday reported second-quarter profit of $91 million.
On a per-share basis, the North Canton, Ohio-based company said it had net income of $1.16. Earnings, adjusted for one-time gains and costs, were $1.11 per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The maker of bearings and power transmissions posted revenue of $906.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $906.4 million.
Timken expects full-year earnings in the range of $4.10 to $4.20 per share.
Timken shares have dropped slightly more than 6 percent since the beginning of the year. The stock has increased 1 percent in the last 12 months.