Timken sales down 1.5 percent
The Timken Company reported fourth-quarter 2019 sales of $896.2 million, down 1.5 percent from $910 million in the same period a year ago.
The decline was driven by lower demand mainly in the Mobile Industries segment and unfavorable currency, partially offset by the favorable impact of acquisitions and positive pricing.
Net income of $113.5 million or $1.48 per diluted share, compared to $60.0 million or 77 cents per diluted share for the same period a year ago.
For 2019, sales were $3.8 billion, up 5.8 percent from $3.6 billion in 2018. The increase was driven by the favorable impact of acquisitions, positive pricing and organic growth in Process Industries, partially offset by unfavorable currency and the impact of lower demand in Mobile Industries.
Net income was $362.1 million or a record $4.71 per diluted share for the year, compared with net income of $302.8 million or $3.86 per diluted share 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.
