Stock Monitor: Chicago Rivet & Machine Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 30, 2018 / If you want access to our free earnings report on The Timken Co. (NYSE: TKR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TKR. Timken reported its first quarter fiscal 2018 operating and financial results on May 01, 2018. The maker of bearings and power transmissions outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Timken reported first-quarter 2018 sales of $883.1 million, up approximately 25% compared to sales of $703.8 million in Q1 2017. The increase was driven by strong organic growth across most end-market sectors led by industrial distribution and off-highway as well as the benefit of acquisitions and currency. The Company's reported numbers beat analysts' estimates of $834.8 million.
In Q1 2018, Timken posted net income of $80.2 million, or $1.02 per diluted share, versus net income of $38.2 million, or $0.48 per diluted share, for Q1 2017. The Company's reported quarter results benefitted from higher volume, favorable price/mix and manufacturing performance, and the impact of acquisitions. Q1 2018 results also reflected lower pension-related charges and a lower tax rate.
Excluding special items, Timken's adjusted net income was $80 million, or $1.01 per diluted share, in Q1 2018 up from $43.7 million, or $0.55 per diluted share, for Q1 2017. The Company's earnings surpassed Wall Street's estimates of $0.84 per share.
Timken's Segment Results
During Q1 2018, the Mobile Industries segment's sales surged 27.5% to $488.5 million compared to $383.0 million in Q1 2017. Acquisitions added revenue of $43.1 million for the reported quarter. Excluding acquisitions, the segment's revenue was up 16.2%, driven primarily by increased demand in the off-highway, heavy truck, and rail sectors and favorable currency.
In Q1 2018, the Mobile Industries segment's earnings before interest and taxes (EBIT) in the quarter were $51.1 million, or 10.5% of sales, compared to EBIT of $32.6 million, or 8.5%, for Q1 2017. The increase in EBIT reflects the impact of higher volume and the benefit of acquisitions. Excluding special items, the segment's adjusted EBIT in the reported quarter was $51.8 million, or 10.6% of sales, compared to $36.6 million, or 9.6% of sales, in the prior year's corresponding quarter.
For Q1 2018, the Process Industries segment's sales were $394.6 million, surging 23% $320.8 million in Q1 2017, driven primarily by strong demand across the industrial sectors, including distribution, original equipment and services as well as favorable currency. The segment's EBIT for the reported quarter was $81.6 million, or 20.7% of sales, compared to EBIT of $44.1 million, or 13.7% of sales, for the year earlier same quarter. The increase in EBIT was driven by higher volume and favorable price/mix and manufacturing performance.
For full year 2018, Timken is forecasting revenue to be up approximately 17% on a y-o-y basis, including expected organic growth of approximately 12% plus the benefit of acquisitions made during 2017 and favorable currency.
For FY18, Timken is projecting Mobile Industries' sales to grow 17% on a y-o-y basis, driven primarily by organic growth in the off-highway, heavy truck, and rail sectors as well as the benefit of acquisitions and favorable currency. The Company is estimating Process Industries' sales to be up approximately 17%, reflecting broad growth across the industrial sectors, including distribution, original equipment and services as well as favorable currency.
Timken is estimating FY18 earnings to range from $3.80 to $3.90 per share. The Company is excluding special items, Timken expects FY18 adjusted earnings to band from $3.90 to $4.00 per share.
Stock Performance Snapshot
May 29, 2018 - At Tuesday's closing bell, Timken's stock was slightly up 0.31%, ending the trading session at $48.90.
Volume traded for the day: 1.44 million shares, which was above the 3-month average volume of 722.01 thousand shares.
Stock performance in the last month – up 12.28%; previous three-month period – up 8.31%; past six-month period – up 4.04%; and last twelve-month – up 6.07%
After yesterday's close, Timken's market cap was at $3.84 billion.
Price to Earnings (P/E) ratio was at 13.74.
The stock has a dividend yield of 2.29%.
The stock is part of the Industrial Goods sector, categorized under the Machine Tools & Accessories industry.
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