Timken sales relatively flat
The Timken Company reported sales of $789 million for the second quarter of 2014, a decline of 0.3 percent from last year.
Sales excluded revenue attributable to the steel business, which was spun off as TimkenSteel Corporation at the end of June. Second-quarter sales were comparable to the previous year's second quarter and reflect stronger demand in Process Industries, offset by lower shipments in Mobile Industries.
In the second quarter, Timken generated adjusted net income of $59.4 million, or 65 cents per diluted share, compared with $61.2 million, or 63 cents, in the same period last year.
"The second quarter was in line with our expectations," said Richard G. Kyle, Timken president and chief executive officer. "We delivered sequential revenue growth of 7 percent and adjusted margins improved by 200 basis points. The sequential increase reflects our strategic efforts to gain penetration in a slow-growth market environment and our margin improvement initiatives.
Mobile Industries sales decreased 5 percent to $370.8 million compared to $391.8 million in the same period a year ago
Process Industries sales increased 6 percent to $336.6 million, compared to last year's second quarter sales of $317.5 million.
At $81.8 million, Aerospace sales were essentially flat compared to last year's second-quarter sales of $82 million.
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.
