CANTON, Ohio (AP) - Specialty steel and bearings maker Timken Company says 2007 will be better. But first, it warned investors that fourth quarter earnings for 2006 will be lower than the company expected.
The company blamed lower automotive demand, increasing costs and the impact of selling a subsidiary, Latrobe Steel.
The Canton-based company announced after the markets closed yesterday that it expects earnings per share of 37 cents for the fourth quarter.
Excluding special charges, the earnings per share would be 30 cents. That's 21 cents lower than Wall Street expectations.