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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.

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