09:27 AM EDT, 07/31/2024 (MT Newswires) -- Timken (TKR) reported Q2 adjusted earnings Wednesday of $1.63 per diluted share, down from $2.01 a year earlier.

Analysts polled by Capital IQ expected $1.61.

Net sales for the quarter ended June 30 were $1.18 billion, down from $1.27 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.19 billion.

The industrial technology company said it now expects 2024 adjusted earnings of $6 to $6.20 per diluted share, compared with its previous guidance of $6 to $6.30. Analysts surveyed by Capital IQ expect $6.20.

Revenue for the year is now expected to decline by 3% to 4%, compared with its prior outlook of a 2% to 4% fall.

Timken shares were down about 2% in premarket trading.

Price: 83.91, Change: -1.65, Percent Change: -1.93