Timken sales up 3.7 percent
The Timken Company reported third-quarter 2019 sales of $914 million, up 3.7 percent from the same period a year ago.
The increase was primarily driven by the benefit of acquisitions, partially offset by lower organic revenue mainly in Mobile Industries, and unfavorable foreign currency translation.
Net income of $64.2 million or 84 cents per diluted share, compared to $71.6 million or 91 cents, for the same period a year ago. The year-over-year decrease was primarily driven by pension and other retirement plan remeasurement charges and higher income tax expense, partially offset by improved overall operating performance.
"Timken delivered strong operating performance in the third quarter," said Richard G. Kyle, president and chief executive officer. "While several industrial markets were softer than anticipated, we delivered record earnings per share, strong operating margins and excellent cash flow."
Mobile Industries sales of $455.1 million decreased 2 percent compared with the same period a year ago.
Process Industries reported sales of $458.9 million, up 10 percent from the same period a year ago.
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.
