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Timken Q4 Earnings Rise, But Miss View

The Timken Company (TKR) posted higher profit in the fourth quarter, helped by increase in revenue. However, earnings missed the consensus estimates. The company guided full-year earnings outlook below estimates while revenue outlook comes in better than view.

Net income was reported at $62.9 million or $0.82 per share in the fourth quarter, compared with $53.1 million or $0.69 per share for the same period a year ago.

Excluding special items, profit was $59.6 million or $0.78 per share. On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share. Analysts' estimates typically exclude special items.

Fourth-quarter sales were logged at $1.01 billion, up 13 percent from the same period a year ago. The consensus estimate was for $982.62 million.

The company attributed higher sales to strong organic growth across most end-market sectors led by industrial distribution and off-highway, and the impact of higher pricing.

Looking forward, Timken expects full-year 2022 revenue to be up 10% year-over-year while adjusted EPS are expected between $5.00 and $5.40. On average, analysts estimate earnings of $5.71 per share and revenue growth of 7.4%.

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