By Stephen Nakrosis
The Timken Co. on Wednesday provided an update to its 2021 performance, saying it is expecting lower sales and earnings in the second half of the year compared to its earlier expectations.
The company said "results are being impacted by unabating customer and supply chain disruptions and related manufacturing inefficiencies, as well as continued inflationary pressures across the enterprise."
The company also said continuing inflationary pressure has impacted results.
Timken said it was withdrawing its 2021 guidance, which was last updated on Aug. 2. At that time, the company said it was expecting fiscal year earnings per share of $5 to $5.30 and adjusted EPS between $5.15 and $5.45.
At 5:16 p.m. ET, shares were trading 4.5% lower at $67.25. Volume at the time topped 9,400 shares.
The stock finished the day's regular-trading session with a 1.87% gain, closing at $70.42 a share.
Timken said it designs engineered bearings and power transmission products.
Write to Stephen Nakrosis at [email protected]