10:11 AM EDT, 04/30/2024 (MT Newswires) -- Timken (TKR) shares were up 8% in recent Tuesday trading after the company reported Q1 adjusted earnings of $1.77 per diluted share, down from $2.09 a year earlier.

Analysts polled by Capital IQ expected $1.52.

Net sales for the quarter that ended March 31 was $1.19 billion, down from $1.26 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.15 billion.

The bearings and industrial motion products company said it now expects 2024 adjusted earnings of $6 to $6.30 per diluted share, up from its prior guidance of $5.80 to $6.20. Analysts polled by Capital IQ expect $6.06.

Revenue for the year is now expected to decline by 2% to 4%, compared with its previous expectation of a 2.5% to 4.5% fall.

Price: 93.83, Change: +7.13, Percent Change: +8.22