Timken posts $134 million loss
The Timken Company reported sales of $3.1 billion for 2009, a decrease of 38 percent from a year ago.
The sales comparison, which excludes results of the Needle Roller Bearings business sold in December, reflects weak demand and lower surcharges, partially offset by improved pricing.
In 2009, the company incurred a full-year loss of $134.0 million, or $1.39 per share, including a loss of $72.6 million, or 75 cents per share, from the Needle Roller Bearings business. Net of non-controlling interest, the company’s continuing operations incurred a loss of $61.4 million, or 64 cents per share for the year, compared with income of $278.9 million, or $2.89 per diluted share, a year ago.
“The global economic environment made 2009 an extremely challenging year for The Timken Company, which is reflected in the reduction in our sales and earnings,” said James W. Griffith, Timken president and chief executive officer. “However, we responded quickly to the downturn, taking actions that helped generate record free cash flow. We continued shifting our portfolio towards attractive markets, strengthening our balance sheet and improving our operating capabilities. Today we are better positioned to leverage an economic recovery.”
For the quarter ended Dec. 31, sales were $774.6 million, a decrease of 29 percent from the same period a year ago. The reduction reflects weaker demand across most of the company’s end markets and lower surcharges, while favorable pricing and currency partially offset the sales decline.
The company incurred a loss of 21 cents per share in the fourth quarter, which included a loss of 13 cents per share from discontinued operations.
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