Posted April 29, 2010
Timken reports 5 percent sales gain
The Timken Company reported sales of $913.7 million during the first quarter of 2010, an increase of 5 percent over the same period a year ago.
Despite weaker demand in certain aerospace and industrial market sectors, higher volume in the company's mobile end markets drove the overall sales improvement, with contributions from surcharges and currency.
Income was $28.3 million, or 29 cents per diluted share, compared with $4.5 million, or 5 cents per share, a year ago.
"We have increased our profitability with structural improvements and operating efficiencies throughout the company," said James W. Griffith, Timken president and chief executive officer. "In addition to our improved performance this quarter, we are positioned for greater value creation as we leverage the recovery expected in our industrial markets."
The Bearings and Power Transmission Group had first-quarter sales of $666.1 million, up 5 percent from $635.0 million for the same period last year. Earnings before interest and taxes (EBIT) for the first quarter were $82.2 million, up 39 percent from $59.3 million in the first quarter of 2009.
