* Sees full-year adj shr $3.60-$3.90 vs. est $3.67
* Expects full-year sales to rise 7 pct
* Adj Q1 EPS 88 cents vs. est 79 cents
(Adds forecast, background, share price)
April 24 Timken Co reported an 11
percent rise in quarterly profit, beating expectations, as the
maker of ball bearings and specialty steel benefited from higher
demand by the energy industry.
Timken also forecast adjusted earnings of $3.60-$3.90 per
share for the whole of 2014. The company expects sales to rise
about 7 percent, implying full-year sales of about $4.64
Analysts on average were expecting earnings of $3.67 per
share on revenue of $4.57 billion, according to Thomson Reuters
The company said the results reflect improved shipments to
the oil and gas and industrial market sectors, as also higher
demand from the wind energy sector.
Timken said it expected higher earnings in 2014 compared
with 2013, primarily due to higher demand and cost-cutting
Caterpillar Inc, to which Timken supplies tapered
roller bearings, said in January it expected construction
equipment sales to rise about 5 percent in 2014.
Net income attributable to Timken rose to $83.5 million, or
90 cents per share, for the first quarter ended March 31, from
$75.1 million, or 77 cents per share, a year earlier. Excluding
items, Timken earned 88 cents per share.
Revenue rose 1 percent to $1.10 billion.
Analysts were expecting earnings of 79 cents on revenue of
The company's shares closed at $59.68 on the New York Stock
Exchange on Wednesday. They have risen about 4 percent so far
(Reporting By Abinaya Vijayaraghavan in Bangalore; Editing by
Don Sebastian and Prateek Chatterjee)