CANTON, Ohio, Jan 22 (Reuters) - Ball-bearing maker Timken Co. reported a quarterly profit Wednesday thanks to cost cutting and strong automotive demand.
The Canton, Ohio, company said fourth-quarter net income rose to $36.5 million, or 57 cents a share, from $1.2 million, or 2 cents a share, in the year-earlier period.
Before items, earnings were 19 cents a share. On this basis, analyst estimates ranged from 16 to 22 cents a share, with an average forecast of 18 cents, according to market tracker Thomson First Call.
Sales rose 12 percent to $644.9 million from $573.6 million a year earlier. Timken shares closed at $19.09 Tuesday on the New York Stock Exchange.