Posted October 29, 2020

Timken Company sales decline 2.1 percent

The Timken Company reported third-quarter 2020 sales of $894.6 million, down 2.1 percent from the same period a year ago.

The decline from the prior year was driven by lower demand in most end markets, partially offset by significant growth in renewable energy and the favorable impact of acquisitions. Third quarter sales were up 11.3 percent from the second quarter.

Net income of $88.8 million or $1.16 per diluted share, improved from $64.2 million or 84 cents per diluted share for the same period a year ago.

"We are pleased with our performance in the third quarter," said Richard G. Kyle, Timken president and chief executive officer. "Our markets continued to recover from the April trough, and with our strong execution, revenue exceeded our expectations and approached last year's level. Additionally, our strategy to diversify our portfolio and increase our presence in sectors like renewable energy is contributing to our top-line performance in 2020."

Process Industries sales of $466.0 million increased 1.5 percent from the same period a year ago. The year-over-year increase was driven primarily by strong growth in renewable energy, positive pricing and the benefit of acquisitions, partially offset by lower revenue across most other sectors.

Mobile Industries sales of $428.6 million decreased 5.8 percent compared with the same period a year ago. The decline was driven primarily by lower shipments across most sectors, partially offset by the benefit of acquisitions. Mobile Industries' third quarter sales were up 25.1 percent from the second quarter.