Timken's sales up nearly 10 percent
The Timken Company reported third-quarter 2022 sales of $1.14 billion, up 9.6 percent from $1.04 billion in the same period a year ago.
The increase was driven primarily 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. Organically, third-quarter sales were up 13.6 percent versus the prior year.
Timken posted net income in the third quarter of $87.0 million or $1.18 per diluted share. This compares to net income of $88.1 million or $1.14 per diluted share for the same period a year ago.
Process Industries sales of $609.5 million increased 10.8 percent from the same period a year ago. The increase was driven primarily by growth across most sectors led by distribution, general industrial and heavy industries, as well as the impact of higher pricing and the benefit of acquisitions, partially offset by lower revenue in the renewable energy sector and unfavorable foreign currency translation.
Mobile Industries sales of $526.9 million increased 8.1 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 automotive, and the impact of higher pricing, partially offset by unfavorable foreign currency translation.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
