Timken Co. (TKR) said its fourth-quarter net loss attributable to the company narrowed to $20.19 million or $0.21 per share from $36.15 million or $0.37 per share a year ago.
Excluding special items, fourth-quarter 2009 adjusted income attributable to the company stood at $38.90 million or $0.40 per share versus $6.33 million or $0.07 per share in the previous year. On average, 7 analysts polled by Thomson Reuters expected earnings per share of $0.07 for the quarter. Analysts' estimate typically excludes one-time items.
For the quarter ended Dec. 31, 2009, net sales were $774.61 million, a decline of 29% from $1.10 billion in the same period a year ago. Four analysts estimated revenues of $727.38 million for the quarter.
The company anticipates 2010 earnings, excluding special items, to range from $0.85 to $1.15 per share for the year. Eight analysts expect 2010 earnings per share of $1.04.
Timken anticipates an increase in sales of about 5% - 10% over 2009, driven primarily by stronger shipments in the Steel Group, as customers rebuild inventory levels.
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