Posted July 29, 2010
Timken returns Q2 profit
The Timken Company reported sales of $1.0 billion in the second quarter of 2010, an increase of 37 percent over the same period a year ago.
The increase was driven by strong demand in the company's mobile industries and steel segments, as well as the favorable impact of surcharges to recover material costs.
The company generated earnings of $81.4 million, or 84 cents per diluted share, compared with last year's second-quarter loss of $39.0 million, or 40 cents per share.
"Our company has rebounded extremely well from the challenges experienced during the recent recession," said James W. Griffith, Timken president and chief executive officer. "We are leveraging increased customer demand and growth in attractive markets to deliver stronger earnings."
For the first half of 2010, sales were $1.9 billion, an increase of 20 percent from the same period in 2009.
The Bearings and Power Transmission Group had second-quarter sales of $694.7 million, up 14 percent from $608.4 million for the same period last year. Earnings before interest and taxes were $104.6 million, up 150 percent from $41.8 million in the second quarter of 2009.
For the first half of 2010, Bearings and Power Transmission Group sales were $1.4 billion, up 9 percent from the same period a year ago. First-half 2010 EBIT was $186.7 million, compared with EBIT of $101.1 million in the first half of 2009.
