Posted April 26, 2017

Timken sales up 2.9 percent

The Timken Company reported first-quarter 2017 sales of $703.8 million, up 2.9 percent from the same period a year ago.

The results reflect increased industrial distribution and off-highway demand, as well as the benefit of acquisitions, partially offset by lower rail, wind energy and aerospace shipments.

Net income of $38.2 million, or 48 cents per diluted share, compared to $65.9 million, or 82 cents, for the same period a year ago. 

"We had a solid start to the year, with stronger demand in sectors like industrial distribution and off-highway," said Richard G. Kyle, Timken president and chief executive officer. "We responded well to the increase in demand, improved operating margins and generated solid cash flow, while continuing to advance our strategy across the globe."

Recently, the company added to its mechanical power transmission product portfolio with the acquisition of Torsion Control Products Inc., a manufacturer of engineered torsional couplings, which complements the Lovejoy acquisition made last year.

Mobile Industries reported first-quarter sales of $383 million, roughly flat compared to the same period a year ago, with increased demand in the mining and agriculture sectors offset by softness in rail and aerospace.

Process Industries sales of $320.8 million for the first quarter were up 6.6 percent from the same period a year ago, driven primarily by increased industrial distribution demand, higher marine revenue and the benefit of acquisitions, partially offset by lower revenue in wind energy and services.