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Posted April 30, 2015

Timken sales down 2 percent

The Timken Company reported sales of $723 million for the first quarter of 2015, down 2 percent from a year ago.


Mobile Industries reported first-quarter sales of $393 million, down approximately 7 percent from the same period a year ago, with 4.5 percent attributable to currency.

Process Industries sales of $329.5 million for the first quarter were up approximately 5 percent over the same period last year despite a currency impact of 4 percent.

Pension settlement and other restructuring charges in the first quarter drove a net loss from continuing operations of $135.2 million or $1.54 per share. This compares with net income during the same period a year ago of $60 million or 64 cents per diluted share.

Earlier this year the company transferred approximately $575 million of retiree pension obligations to Prudential through the purchase of a group annuity contract, which resulted in a non-cash charge of $215 million pre-tax in the first quarter.

"Although the year started off softer than expected, we were successful in achieving 3 percent sales growth before currency and delivered adjusted earnings in line with last year," said Richard G. Kyle, Timken president and chief executive officer. "We continue to outgrow markets in Process Industries, achieving 9 percent growth in the quarter excluding currency. We also continue to improve our cost structure and return significant capital to shareholders."

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