Timken Maintains FY22 Adj. EPS Outlook; Q1 Results Top Estimates

While reporting financial results for the first quarter on Monday, Timken Co. (TKR) maintained its earnings and adjusted earnings guidance for the full-year 2021, but trimmed its annual revenue growth outlook to reflect the impact from suspending operations in Russia.

For fiscal 2022, the company continues to project earnings in a range of $4.85 to $5.25 per share and adjusted earnings in a range of $5.00 to $5.40 per share, but now expects revenue growth of about 8 percent, up from the prior growth guidance of 10 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.23 per share on revenue growth of 9.30 percent to $4.52 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income attributable to the company increased to $118.2 million or $1.56 per share from $113.3 million or $1.47 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter were $1.61 per share, compared to $1.38 per share in the year-ago quarter.

Net sales for the quarter grew 9.7 percent to $1.12 billion from $1.03 billion in the same quarter last year.

The Street was looking for earnings of $1.16 per share on revenues of $1.11 billion for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Salt Lake City, Utah-based Creminelli Fine Meats is recalling around 4,207 pounds of ready-to-eat or RTE parmesan salami sticks citing misbranding and an undeclared allergen, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. The recall involves 2.6-oz. plastic pouches containing "CREMINELLI FINE MEATS salami minis UNCURED ITALIAN SALAMI PARMESAN" with "BES The U.S. Food and Drug Administration is proposing a rule that will broaden the range of nonprescription or over-the counter drugs available to consumers. The rule titled, "Nonprescription Drug Product with an Additional Condition for Nonprescription Use," is intended to increase options for the development of safe and effective nonprescription drugs. The U.S. Food and Drug Administration announced that Australian organic infant formula and baby food producer, Bellamy's Organic, has agreed to send around 696,000 cans of general formula milk to the United States to meet the supply shortage. Under the FDA's enforcement discretion to source more infant formula to the U.S., the available Bellamy's Organic products include about 1.4 million pounds.
Follow RTT