Posted January 27, 2011
Timken sales jump by 29 percent
The Timken Company reported sales of $4.1 billion for 2010, an increase of 29 percent from the prior year.
Light-vehicle demand provided an early boost in sales and remained strong throughout the year. In the second half, accelerated demand in the heavy-truck, off-highway, energy and industrial distribution sectors further increased top-line growth.
In 2010, Timken earned $267.4 million from continuing operations net of non-controlling interest, or $2.73 per diluted share. In the prior year, the company's continuing operations incurred a loss of $61.4 million net of non-controlling interest, or 64 cents per share.
For the fourth quarter, Timken reported sales of $1.1 billion, an increase of 38 percent from the same period in 2009.
Timken's Bearings and Power Transmission Group posted sales of $2.8 billion in 2010, up 13 percent from the prior year. The group earned $383 million before interest and taxes (EBIT) during the year, an increase of 73 percent from 2009.
The group's fourth-quarter sales in 2010 were $721.8 million, up 17 percent from the 2009 comparison. The group's EBIT in the fourth quarter was $94.6 million, an increase of 32 percent from the previous year.
