Timken posts record sales
The Timken Company reported record second-quarter 2022 sales of $1.15 billion, up 8.5 percent from $1.06 billion in the same period a year ago.
The increase was driven by growth across most end-market sectors led by industrial distribution and off-highway, and the impact of higher pricing, partially offset by unfavorable foreign currency translation and lower revenue in the renewable energy sector. Organically, second-quarter sales were up 11 percent versus the prior year.
Timken posted net income in the second quarter of $105.0 million or a record $1.42 per diluted share. This compares to net income of $104.8 million or $1.36 per diluted share for the same period a year ago. The slight year-on-year increase in net income reflects positive price/mix and the favorable impact of higher volume, offset by higher operating costs, a higher tax rate and the net unfavorable impact of special items (detailed in the attached tables), as compared to the year-ago period.
"In the second quarter, Timken once again demonstrated the strength and resiliency of our business, as we delivered double-digit organic revenue growth, expanded operating margins and achieved record earnings per share," said Richard G. Kyle, Timken president and chief executive officer. "Timken's strong results reflect our team's relentless efforts to meet the needs of our customers, offset the impact of cost increases and execute the company's strategic initiatives. Through our disciplined capital allocation and investment in outgrowth initiatives, the business is well positioned for continued success."
Process Industries sales of $610.1 million increased 7.3 percent from the same period a year ago. The increase was driven primarily by growth across most sectors led by distribution and general industrial, and the impact of higher pricing, partially offset by unfavorable currency and lower revenue in the renewable energy sector.
Mobile Industries sales of $543.6 million increased 10 percent compared with the same period a year ago. The increase was driven primarily by higher shipments across most sectors led by off-highway, and the impact of higher pricing, partially offset by unfavorable currency.
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