Timken sales grow by 21 percent
The Timken Company reported second-quarter 2018 sales of $906.3 million, up approximately 21 percent from $751 million in the same period a year ago.
The increase was driven by continued strength across most end markets, as well as the benefit of acquisitions and currency.
Net income of $91 million, or $1.16 per diluted share, compared to $82.5 million, or $1.04, for the same period a year ago. In the quarter, the company benefitted from higher volume, favorable price/mix and manufacturing performance, and the impact of acquisitions, which were partially offset by higher material, logistics and selling, general and administrative costs. The year-ago period also included a large tax benefit.
Mobile Industries reported sales of $489.1 million, up 19.8 percent compared with the same period a year ago. Acquisitions added revenue of $30.7 million in the quarter, or 7.5 percent. Excluding acquisitions, revenue was up 12.2 percent, driven primarily by increased demand in the off-highway, rail and heavy truck sectors.
Process Industries sales of $417.2 million increased 21.9 percent from the same period a year ago, driven by broad strength across the distribution, original equipment and services sectors, as well as the impact of favorable pricing and currency.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
