Timken sales fall 4%
The Timken Company reported sales of $5.0 billion for 2012, a decrease of 4 percent from the prior year.
The decline reflects lower demand from the light vehicle, heavy truck, industrial machinery, and oil and gas sectors in the second half of the year, the company said. Lower surcharges and the impact of currency also contributed to the decrease in sales.
In 2012, the company generated net income of $495.5 million, or $5.07 per diluted share, compared with $454.3 million, or $4.59 per diluted share, a year ago.
Timken posted sales of $1.1 billion in the fourth quarter of 2012, down 15 percent from the same period in 2011. The sales decrease primarily reflects lower demand in the company's light vehicle, heavy truck, mining and energy-related end market sectors, as well as lower surcharges. This decrease was partially offset by favorable pricing. From a geographic perspective, the decline also reflects lower demand in North America and Europe, partially offset by growth in Asia.
"Over the course of the year, we responded quickly and effectively to slowing demand across our end markets and maintained our focus on driving value for our customers and shareholders," said James W. Griffith, Timken president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
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