Posted July 31, 2018

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.