U.S. Markets closed

Timken: 1Q Earnings Snapshot

NORTH CANTON, Ohio (AP) _ Timken Co. (TKR) on Wednesday reported first-quarter profit of $91.9 million.

The North Canton, Ohio-based company said it had net income of $1.19 per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to $1.35 per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.

The maker of bearings and power transmissions posted revenue of $979.7 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $985.8 million.

Timken expects full-year earnings in the range of $5.15 to $5.35 per share.

Timken shares have increased 29% since the beginning of the year. The stock has increased 12% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TKR at https://www.zacks.com/ap/TKR