(RTTNews) - The Timken Company (TKR) reported second quarter adjusted net income per share of $1.02 compared to $1.27, a year ago. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.34, for the quarter. Analysts' estimates typically exclude special items.
Second quarter net sales declined year-on-year to $803.5 million from $1.00 billion. Analysts expected revenue of $722.13 million for the quarter. The company said the decline in sales was driven by lower demand attributable to the broad economic slowdown caused by COVID-19, and unfavorable currency, partially offset by the favorable impact of acquisitions.
Given the continued uncertainty surrounding COVID-19, the company said it is currently not providing full year 2020 sales and earnings guidance.
The company has $416 million of cash on hand and over $400 million of availability under committed credit facilities as of June 30, 2020. Timken said it expects to generate strong free cash flow over the rest of the year, and will continue to reduce net debt.