Timken 4Q sales declined 6 percent
The Timken Company reported sales of $714.4 million for the fourth quarter of 2015, approximately 6 percent lower than the same period a year ago.
Excluding the impact of currency, sales were down just under 2 percent, primarily due to market-related declines in Process Industries, which were partially offset by sales from the recently acquired Carlisle belts product line.
In the fourth quarter, Timken posted a net loss from continuing operations of $35.7 million or 44 cents per basic share, versus net income of $41.2 million or 46 cents per diluted share a year ago.
"Given the soft industrial environment globally, we were pleased with our fourth quarter results," said Richard G. Kyle, Timken president and chief executive officer. "Demand declined slightly less than anticipated and our cost-reduction initiatives continued to gain momentum, resulting in a solid finish to a challenging year."
Mobile Industries reported fourth-quarter sales of $380.3 million, approximately 2 percent lower than the same period a year ago.
Process Industries sales of $334.1 million for the fourth quarter declined approximately 10 percent from the same period a year ago.
For 2015, sales were $2.9 billion, 7 percent lower than 2014. Excluding the impact of currency, sales declined almost 2 percent, primarily driven by weaker end market demand across both Mobile and Process Industries, offset partially by the benefit of acquisitions.
Adjusted net income was $189.1 million or $2.21 per diluted share. This compares with $232.9 million or $2.55 per diluted share in 2014.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
