Timken lowers expectations after record sales, earnings
Oct 27, 2008 | 11:18 AM
| Michael Cowden
Timken Co. tripled its earnings on record sales in the third quarter, but cast doubt over 2009 because of weak automotive markets and uncertainty about the direction of the global economy.
TIMKEN CO.(in thousands except per share) 200820073rd qtr. ended Sept. 30Net sales$1,482,684$1,261,239Net income130,41341,243Per share1.350.439 months ended Sept. 30 Net sales$4,452,903$3,894,983Net income303,821171,763Per share3.151.80The Canton, Ohio-based company boasted of strong results from the aerospace, energy and heavy industry sectors as well as growth in Asia, but it also acknowledged that an already weak automotive sector could get worse, putting a drag on future results, and even Asia—which has been a bright spot—could see slower growth.....
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