Timken sales increase 1%
The Timken Company reported sales of $1.3 billion in the second quarter of 2012, a one percent increase over the same period a year ago.
The results reflect the favorable impact of acquisitions, pricing and mix, which were mostly offset by weaker demand across broad end-markets, primarily outside North America.
Timken generated income in the quarter of $183.6 million, or $1.86 per diluted share, compared with $121.5 million, or $1.22 per diluted share during the same period a year ago.
"Our second-quarter performance demonstrated the impact of our improved business model and operating capabilities," said James W. Griffith, Timken president and chief executive officer. "As the quarter unfolded, it became clear that the weakening global economy was reducing demand for our products and services. We adjusted our business to the economic realities and are confident Timken is positioned to perform well through the economic cycle."
Timken posted sales of $2.8 billion in the first half of 2012, up 7 percent from the same period in 2011.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
