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February 14, 2014
15:09 EDTTKRTimken names Philip D. Fracassa as CFO
The Timken Company board of directors announced the appointment of Philip D. Fracassa as CFO of The Timken Company. In this role, Fracassa will be responsible for global finance activities for Timken, including external reporting, treasury, tax, financial planning and analysis, internal audit, risk management and investor relations. In addition, he will oversee information technology and enterprise services, and maintain leadership of the project to spin off the steel business from The Timken Company, an initiative that is expected to be completed later this year. Fracassa replaces Glenn A. Eisenberg, executive vice president, finance and administration, who will leave the company at the end of the first quarter after 12 years of service.
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July 31, 2014
07:30 EDTTKRTimken sees FY14 adjusted EPS $2.40-$2.60, consensus $2.54
Timken backs FY14 revenue growth 3%, consensus $3.11B; Mobile Industries' sales are expected to be down 2 to 4 percent, anticipating that revenue reductions of approximately $110 million in the light vehicle sector will be partially offset by organic growth in the rail sector. Process Industries' sales are estimated to be up 10 to 12 percent as a result of improved penetration in targeted original equipment sectors, stable to modestly improving end markets, and acquisitions. Although the company anticipates increased shipments in the defense rotorcraft market sector, lower demand across the civil markets sectors and other defense platforms are expected to keep Aerospace sales relatively flat. The company expects to generate cash from operations of approximately $370 million in 2014. Free cash flow is projected to be $250 million after making capital expenditures of $120 million.
07:29 EDTTKRTimken reports Q2 adjusted EPS cont ops 65c, consensus 67c
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