The Timken Company, a world leader in engineered bearings and mechanical power transmission products, announces that it is increasing its sales and earnings outlook for 2018.
"We've had a strong start to 2018, with shipments and incoming orders exceeding what we anticipated earlier this year," says Richard G. Kyle, President and Chief Executive Officer. "As a result of the improved market strength and our continued outgrowth and operational excellence initiatives, we are increasing our sales and earnings outlook for 2018."
The company now expects 2018 revenue to be up 12-13% in total versus 2017. Within its operating segments, the company estimates:
- Mobile Industries sales to be up approximately 13-14% in 2018, driven primarily by organic growth in the off-highway and heavy truck sectors, as well as the benefit of acquisitions and favorable currency; and
- Process Industries sales to be up approximately 11-12% in 2018, driven by organic growth in the industrial sectors, including distribution, services and original equipment, as well as favorable currency.
Timken now anticipates 2018 earnings per diluted share to range from $3.35 to $3.45 for the full year on a GAAP basis. Excluding anticipated restructuring expense of $0.15 per share, the company expects 2018 adjusted earnings per diluted share to range from $3.50 to $3.60.
