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Posted August 2, 2021

Timken sales jump 32.3 percent

The Timken Company reported second-quarter 2021 sales of $1.06 billion, up 32.3 percent from $803.5 million in the same period a year ago.


The increase was driven by strong organic growth across most end-market sectors, as well as the benefit of currency translation and the Aurora Bearing acquisition. Second-quarter sales were up nearly 4 percent from the first quarter of 2021.

Timken posted net income of $104.8 million, or $1.36 per diluted share, in the quarter, versus net income of $61.9 million, or 82 cents, for the same period a year ago. 

"Timken achieved record revenue in the second quarter," said Richard G. Kyle, Timken president and chief executive officer. "While the strong demand created supply chain and logistics challenges globally, we successfully navigated the situation and grew revenue by four percent above our record first quarter. We served our customers well, continued to win new business and delivered solid operating performance. Markets strengthened further as we moved through the quarter, as evidenced by the increase in our backlog."

Process Industries sales of $568.7 million increased 23.4 percent from the same period a year ago. The increase was driven mainly by strong organic growth across most sectors led by distribution, renewable energy and general industrial, as well as the favorable impact of currency translation.

Mobile Industries sales of $494.2 million increased 44.2 percent compared with the same period a year ago. The increase was driven mainly by higher shipments across most sectors led by off-highway, automotive and heavy truck, and the favorable impact of currency translation.

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