Firstly, the most likely outcome of torture is false information and multiple sources from the CIA to the FBI and various levels of rank[1] have said that one of the most problematic issues with torture based intel is the extreme amount of time it takes to verify anything because most of it is made up. So in a ticking time bomb scenario, torturing someone you think has information may make you FEEL better, but it is a waste of time (which, by default, is in short supply).
Secondly, and perhaps more importantly amongst this crowd, the logic doesn't work. Statistically speaking, ticking time bomb situations do not actually occur in real life and basing institutionalized acceptance of torture on a fantasy what if scenario is intellectual fraud. Georgetown law's David Luban has an excellent 2005 essay "Liberalism Torture and the Ticking Bomb"[2] that takes a deep dive into the psychology behind this argument as well as the real-world applications. It's linked further down in these comments by @elipsey[3].
[1] http://skeptics.stackexchange.com/questions/4498/does-tortur...
[2] http://scholarship.law.georgetown.edu/cgi/viewcontent.cgi?ar...