Timken Rises In Pre-market After Q1 Results Beat Estimates, Increased Outlook

(RTTNews) - Shares of The Timken Company (TKR) were rising more than 3 percent in premarket on Tuesday to $90, after reporting better-than-expected first-quarter results. The company also raised its full-year earnings outlook.

Timken posted net income of $103.5 million or $1.46 per share for the first quarter, lower than $122.3 million or $1.67 per share for the same period a year ago.

Excluding one-time items, adjusted income was $125.7 million or $1.77 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.51 per share.

First-quarter sales were $1.19 billion, down 5.7 percent from the same period a year ago, but above the consensus estimate of $1.15 billion.

For the full year, the company now expects earnings per share to be in the range of $5.10 - $5.40 and adjusted earnings per share in the range of $6.00 - $6.30. This compares with previous outlook for earnings per share of $4.90 - $5.30 and adjusted earnings per share of $5.80 - $6.20. The Street was looking for $6.05 per share.

Timken now sees revenue to be down 2 percent to 4 percent year on year. Analysts expect revenue to decline 3.7 percent from last year.

Timken shares had closed at $86.70, up 2.02 percent on Monday. The stock has been trading in the range of $65.71 - $95.08 in the last 1 year.