Timken sales climb 10 percent
Timken Company reported second-quarter 2019 sales of $1 billion, up 10.3 percent from the same period a year ago.
The increase was primarily driven by the benefit of acquisitions and organic growth in the Process Industries segment, partially offset by unfavorable foreign currency translation.
Net income of $92.5 million, or $1.20 per diluted share, compared to $91 million, or $1.16 per diluted share, for the same period a year ago. The year-over-year increase was primarily driven by favorable price/mix and the benefit of acquisitions, offset partially by higher interest expense. The current period also included higher expenses related to restructuring, acquisitions and a legal accrual, while the prior period included a pension remeasurement gain.
"Our recent acquisitions are performing well and contributing to our strong results. We continue to win in the market place with our differentiated products, engineering innovation and industry-leading customer service. And we remain focused on executing our strategy and profitably growing our enterprise," said Richard G. Kyle, Timken president and chief executive officer.
Mobile Industries sales of $493.7 million increased 0.9 percent compared with the same period a year ago. The increase was driven primarily by the benefit of acquisitions net of divestitures, organic growth in the aerospace sector and higher shipments in automotive, mostly offset by lower shipments in off-highway and heavy truck, and unfavorable currency.
Process Industries reported sales of $506.3 million, up 21.4 percent from the same period a year ago. The increase was driven primarily by the benefit of acquisitions and organic growth in the wind energy, heavy industries and marine sectors, partially offset by unfavorable 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.
