While reporting financial results for the fourth quarter on Monday, Timken Co. (TKR) initiated its earnings, adjusted earnings and revenue growth guidance for the full-year 2023.
For fiscal 2023, the company now projects earnings in a range of $5.80 to $6.40 per share and adjusted earnings in a range of $6.50 to $7.10 per share on revenue growth of about 6 percent from last year.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.67 per share on revenue growth of 5.6 percent to $4.76 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, net income attributable to the company increased to $97.2 million or $1.32 per share from $62.9 million or $0.82 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $1.22 per share, compared to $0.78 per share in the year-ago quarter.
Net sales for the quarter grew 7.4 percent to $1.08 billion from $1.01 billion in the same quarter last year. Organic sales growth was 10.2 percent.
The Street was looking for earnings of $1.09 per share on revenues of $1.09 billion for the quarter.
Going forward, Timken said it is revising its adjusted earnings and adjusted earnings per share calculations to exclude acquisition intangible amortization expense. It believes this change will better reflect its core operating earnings and improve comparability versus peers.
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