Posted May 1, 2018

Timken sales up 25 percent

The Timken Company reported first-quarter 2018 sales of $883.1 million, up approximately 25 percent from the same period a year ago.

The increase was driven by strong organic growth across most end-market sectors led by industrial distribution and off-highway, as well as the benefit of acquisitions and currency.

In the first quarter, Timken posted net income of $80.2 million or $1.02 per diluted share, versus net income of $38.2 million or 48 cents per diluted share for the same period a year ago. In the current quarter, the company benefitted from higher volume, favorable price/mix and manufacturing performance, and the impact of acquisitions, which were partially offset by higher selling, general and administrative (SG&A) and logistics costs. The current quarter also reflects lower pension-related charges and a lower tax rate.

"We achieved excellent first-quarter results, reporting strong revenue and earnings growth with expanded margins," said Richard G. Kyle, Timken president and chief executive officer. "Over the last several years, we have grown our portfolio organically and through acquisition, expanded our geographic reach and improved our cost structure. As a result of these strategic actions, we are winning with our customers and outgrowing our markets."