07:18 AM EST, 11/05/2024 (MT Newswires) -- Timken (TKR) reported Q3 adjusted earnings Tuesday of $1.23 per diluted share, down from $1.55 a year earlier.

Analysts polled by Capital IQ expected $1.38.

Net sales for the quarter ended Sept. 30 were $1.13 billion, down from $1.14 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.12 billion.

The industrial technology company said it now expects 2024 adjusted EPS of $5.55 to $5.65, down from its prior guidance of $6 to $6.20. Analysts polled by Capital IQ expect $6.06.

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

Shares of the company were down more than 5% in recent Tuesday premarket activity.

Price: 79.00, Change: -4.37, Percent Change: -5.24