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Posted February 7, 2019

Timken sales soar 17 percent

The Timken Company reported fourth-quarter 2018 sales of $910.1 million, up 17 percent from the same period a year ago.


The increase was driven by continued growth across most end markets, as well as the favorable impact of acquisitions and pricing, partially offset by unfavorable currency.

Net income of $60 million, or 77 cents per diluted share, compared to $29.2 million, or 37 cents, for the same period a year ago.

Mobile Industries reported sales of $461.9 million, up 8.5 percent compared with the same period a year ago.

Process Industries sales of $448.2 million increased 27.3 percent from the same period a year ago, driven primarily by growth in the industrial distribution and general and heavy industrial OE sectors.

For 2018, sales were $3.6 billion, up 19.2 percent compared with 2017. The increase was driven by broad organic growth across most end-market sectors, as well as the favorable impact of acquisitions and pricing.

Net income was $302.8 million or a record $3.86 per diluted share for the year, compared with net income of $203.4 million or $2.58 per diluted share a year ago.

During the year, the company significantly expanded its power transmission portfolio with the acquisitions of Cone Drive and Rollon. Cone Drive advanced the company's position in precision gear drives, and Rollon introduced engineered linear motion products to the Timken portfolio. Both businesses further the company's evolution into markets such as solar energy, logistics and packaging, and automation. Timken also added to its position in engineered bearings with the acquisition of ABC Bearings in India. Together these acquisitions expand the company's global presence in China, Europe and India.

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