Timken sales fall 7 percent
The Timken Company reported third-quarter 2016 sales of $657 million, down approximately 7 percent from $707 million in the same period a year ago.
Excluding unfavorable currency of 1 percent, sales were down 6 percent due to weakness across most end markets, partially offset by the net benefit of acquisitions and divestitures.
Net income of $20.6 million, or 26 cents per diluted share, compared to net income of $63.4 million, or 75 cents, for the same period a year ago.
Mobile Industries reported third-quarter sales of $353 million, 11 percent lower than the same period a year ago. Excluding unfavorable currency of 1 percent, sales were down 10 percent, as the net benefit of acquisitions were more than offset by declines across most end markets.
Process Industries sales of $304 million for the third quarter declined 2 percent from the same period a year ago. Excluding unfavorable currency of 1 percent, sales were down 1 percent, driven by weaker demand in heavy industries, industrial services and wind energy, partially offset by higher military marine revenue and the benefit of acquisitions.
During the quarter, Timken completed the acquisition of Lovejoy Inc., a manufacturer of premium industrial couplings and universal joints, further expanding its mechanical power transmission portfolio, and continued to reduce operating costs, including the announcement of plans to close its Pulaski, Tennessee, bearing plant and cease manufacturing operations in South Africa.