Timken sales decline for quarter
The Timken Company reported sales of $707.4 million for the third quarter of 2015, down 10 percent from a year ago.
Currency accounted for half of the decrease. The remaining decline was primarily due to continued softening across industrial end markets, partially offset by the benefit of acquisitions.
Net income from continuing operations was $63.4 million or 75 cents per diluted share for the quarter, versus a loss of $10.9 million, or 12 cents, a year ago. The third quarter of 2014 included a $118 million pre-tax charge related to the restructuring of the company's aerospace business.
"Given the market environment, we performed well in the quarter. We generated strong cash flow, closed on an acquisition, purchased over 1.5 million shares and made progress on both our outgrowth and cost-reduction initiatives," said Timken president and CEO Richard G. Kyle. "We continue to experience downward pressure in several of our end markets, including agriculture, metals, mining, oil and gas, and broadly across the industrial distribution channel.
"End markets have declined more than expected and the timing of a recovery remains uncertain," Kyle added. "As a result, we are accelerating our cost-reduction actions to return operating margins to our targeted ranges. Although many of our end markets are in cyclical downturns, the diversity of our markets serves us well and we expect them to continue to present attractive long-term profitable growth opportunities for Timken."
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.
