Timken sees 2% sales gain
The Timken Company reported fourth-quarter sales of $762.2 million, up approximately 2 percent over the prior-year quarter.
The revenue increase was driven by organic growth in Process Industries, partially offset by unfavorable currency and a decrease in Mobile Industries sales due to planned program exits. For the fourth quarter, the company generated net income from continuing operations of $38.9 million, or 43 cents per diluted share, compared with $33.7 million, or 35 cents, a year ago.
For 2014, sales were $3.1 billion, up slightly over 2013. Excluding the impact of $110 million of planned program exits in Mobile Industries that concluded in 2013, sales were up approximately 5 percent. Net income from continuing operations was $144.5 million, or $1.58 per diluted share, which compared with $175.2 million or $1.82 per diluted share in 2013.
"We are pleased to report solid fourth-quarter results that reflect strong execution in a slow-growth, strong-dollar environment," said Timken president and chief executive officer Richard G. Kyle.
"Looking ahead to 2015, we are viewing our markets slightly more cautiously than 2014. New business wins combined with modest market growth are expected to result in approximately 4 percent organic growth, but that will largely be offset by the impact of currency," Kyle added.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
