Timken sales decline by 14%
The Timken Company reported sales of $1.1 billion in the third quarter of 2012, a decrease of 14 percent from the same period a year ago.
The sales decline reflects weaker demand in many of the company's end markets, lower surcharges and the impact of currency, partially offset by improved pricing and the favorable impact of the Drives acquisition, the company said.
Timken generated income in the third quarter of $80.9 million, or 83 cents per diluted share, compared with $111.0 million, or $1.12 per diluted share during the same period a year ago.
"As the quarter unfolded, the fragile global economy and declining market sector demand began to impact our business," said James W. Griffith, Timken president and chief executive officer. "End users are increasingly cautious, which translates into inventory adjustments and decreased short-term opportunity. Despite these challenges, we expect full-year 2012 earnings to be the second highest in the company's history."
Timken posted sales of $3.9 billion in the first nine months of 2012, up slightly from the same period in 2011.
INDUSTRIAL SUPPLY MAGAZINE
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