Timken Shares Rise to 52-Week High on Outlook Boost, Strong 1Q

About this update from Timken India Limited

By Connor HartShares of Timken climbed after the company raised its outlook for the year and reported higher-than-expected first-quarter earnings.The stock was up 13% to a 52-week high $123.41 in late Wednesday morning trading, extending its advance to 46% since the beginning of the year.The bearings maker said before the bell that it now expects earnings of $4.70 to $5.20 a share for the year, or $5.75 to $6.25 a share on an adjusted basis. It had previously guided for earnings of $4.50 to $5 a share, and adjusted earnings of $5.50 to $6 a share.Timken also projected revenue to now be up about 5% at the midpoint from last year, compared with a prior forecast of up 3% at the midpoint.The higher outlook came after first-quarter results were higher than anticipated. Adjusted earnings came in at $1.67 a share, ahead of the $1.50 a share that analysts surveyed by FactSet expected. Sales climbed 8% to $1.23 billion, topping Wall Street models for $1.17 billion.Write to Connor Hart at [email protected]

View stock analysis, news, and events for Timken India Limited