Timkens ups estimate
CANTON -- Alloy steel maker Timken Co. said Thursday it is increasing its earnings estimate for the fourth quarter and all of 2004 because of strong sales in its steel and industrial segments, increased productivity and lower material costs.
When Timken reports results on Feb. 1, it expects fourth-quarter earnings of 39 cents to 44 cents per share, excluding special items, up 10 cents over the range from its previous estimate. Analysts surveyed by Thomson First Call were expecting 34 cents a share.
For the entire year, Timken expects a 10-cent improvement of $1.30 to $1.35 per share, above analyst expectations of $1.26.
Hollywood Video files FTC request for merger
PORTLAND, Ore. (AP) -- Hollywood Entertainment Corp. said Thursday it has filed documents with the Federal Trade Commission seeking approval of a proposed $850 million merger with Movie Gallery Inc. that would create a larger rival to Blockbuster Inc., the nation's largest video chain.