Saturday, June 16, 2001
Timken Co. says earnings down
The Timken Co. warned Friday that second-quarter earnings will be significantly lower than last year and lower than analysts had predicted for the quarter.
The Canton, Ohio, company, a maker of bearings, alloy and specialty steels, said weakness in the overall manufacturing sector is depressing its sales.
Analysts surveyed by Thomson Financial/First Call expected Timken would earn between 16 cents and 22 cents per share for the April-June period. The company said Friday that earnings per share are likely to be less than 5 cents for the quarter, about 15 percent below 2000 results.
Eagle-Picher names president
Eagle-Picher Industries Inc., the Cincinnati-based manufacturing company that dates from 1843, has named Philip F. Schultz, its chief financial officer, as interim president and CEO.
The company, which makes products for the industrial, automotive, defense and construction market, has been seeking a permanent successor to Andries Ruijssenaars, who announced plans to retire earlier this year. The company, which operates 40 plants around the world, said in late March that Mr. Ruijssenaarshad left the company ahead of his planned July 1 departure.
Conseco to sell $400M in notes
Conseco Inc., an insurer whose shares more than tripled from their lows last year, said it plans to sell $400 million in senior notes due in 2008 with the proceeds to be used to retire bank debt.
The note sale, the first by Conseco since February 2000, comes as Conseco chairman Gary Wendt's debt reduction efforts have boosted optimism that the Carmel, Ind., company will be able to repay its $7.9 billion of debt.
From staff and wire reports
Firstar Center sold to ex-owner
P&G will trim fat substitute
Comair vote to begin Tuesday
Teens can pick and choose among jobs
Find-me software gets nibble
Frog farm seen as gold mine
GE, Honeywell refuse to meet Europe's terms
Kraft brought back good ol' days of IPOs
HIGGINS: Personal finance
The Sophisticated Investor
What's the Buzz?