Posted July 28, 2011
Timken Q2 sales up 31%
The Timken Company reported sales of $1.3 billion in the second quarter of 2011, an increase of 31 percent over the same period a year ago.
The increase primarily reflects growing demand in the company's broad industrial markets, as well as favorable effects from pricing, material surcharges and currency.The company's second-quarter income from continuing operations increased 49 percent to $121.5 million, or $1.22 per diluted share, compared with $81.4 million, or 84 cents per diluted share a year ago.
"Timken's strategy is working. We're benefitting from an enhanced portfolio, executing well and have positioned the company to capitalize on attractive global markets," said James W. Griffith, Timken president and chief executive officer. "We are on pace to achieve record sales and earnings for the full year."
During the quarter, the company completed its $200 million acquisition of Philadelphia Gear, a provider of aftermarket services for gear-drive systems in a variety of industrial and military marine applications. Timken also announced plans to establish a Wind Energy Research and Development Center for advanced bearing systems in large wind turbines;
Timken posted sales of $2.6 billion in the first half of 2011, up 34 percent from the same period in 2010. Stronger demand across the company's industrial sectors drove the increase, along with favorable pricing, surcharges and currency effects.
