Timken Co. Friday lowered its earnings estimate for the third quarter and said it will cut its workforce by 700 positions, citing worsening conditions in the North American automotive industry.
Timken revised its earnings estimate for the third quarter, excluding special items, to an estimated $0.50 to $0.55 per share, from its previously provided estimated earnings of $0.70 to $0.75 per share.
"The widening decline in North American auto industry production has had a significant impact on our performance," said James W. Griffith, Timken's president and chief executive officer. "This structural auto industry shift reinforces our resolve to diversify our corporate portfolio and customer mix."