(AP) - Timken Co., a maker of bearings, alloy and specialty steels, on Monday boosted its profit guidance for the second quarter and full year above Wall Street expectations, crediting better-than-expected performance of its industrial markets.
The company now forecasts second-quarter earnings per share of about 89 cents, excluding special items, up from previous guidance of between 75 cents and 80 cents. Net income including items is expected to be 79 cents per share.
United Technologies Corp., the helicopters-to-elevators industrial conglomerate, said Tuesday second-quarter earnings rose 14%. The results beat Wall Street estimates and the company boosted its full-year outlook, as demand for aerospace products offset weakness at its Carrier heating unit.
The company's shares rose $1.74, or 3%, to $59.70 in morning trading on the New York Stock Exchange.
Industrial products manufacturer Eaton Corp. said Monday its second-quarter profit climbed 21% due to improved sales across its divisions.
Second-quarter earnings increased to $253 million, or $1.64 per share, from $209 million, or $1.37 per share, in the year-ago period. Excluding charges related to the integration of acquisitions, adjusted income was $259 million, or $1.68 per share, compared with $214 million, or $1.40 per share, last year.
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