Canton manufacturer Timken Co. said today it now expects to make $1 to $1.10 a share in the third quarter, up from an earlier estimate of 65 cents to 75 cents.

For Timken, which makes specialty steel as well as bearings for a wide range of industrial, transportation and aerospace uses, the principal factors leading to its new profit estimate have been a fall in the price of scrap metal and continued worldwide industrial demand for its manufactured goods.

The company also has expanded manufacturing capacity in growing global markets, particularly in Asia, according to a written statement by James Griffith, Timken's president and chief executive. Timken has scheduled an announcement of its full quarterly financial report for Oct. 24.