Timken sales decline by 7 percent
The Timken Company reported third-quarter 2013 sales of $1.1 billion, down 7 percent when compared with the same period a year ago.
The decrease was primarily due to weaker demand from the company's broad end markets, partially offset by acquisitions, according to a company press release.
Timken generated third-quarter net income of $52.2 million, or 54 cents per diluted share, compared with net income of $80.9 million or 83 cents per diluted share during the same period a year ago.
"On a macro basis, economic growth across the world has been much slower than we and our customers envisioned, and our third-quarter results were below our expectations," said James W. Griffith, Timken president and chief executive officer.
For the first nine months of the year, Timken posted sales of $3.3 billion, down 16 percent from the same period in 2012.
In the third quarter, Mobile Industries' sales of $348.1 million decreased 12 percent compared with last year's third-quarter sales of $396.9 million.
Process Industries' third-quarter sales were $308.3 million, down 1 percent from $311.1 million for the same period a year ago.
Aerospace had third-quarter sales of $76.3 million, down 9 percent from $84 million for the same period last year.
Sales for Steel, including inter-segment sales, were $350.5 million in the third quarter, a decrease of 7 percent from $377 million for the same period last year.
The company revised its outlook for the full year based on a slower-than-expected economic recovery. The Timken Company expects 2013 sales to be approximately 13 percent lower year-over-year.
INDUSTRIAL SUPPLY MAGAZINE
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