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Posted October 25, 2017

Acquisitions help Timken sales soar 17.3 percent

The Timken Company reported third-quarter 2017 sales of $771.4 million, up 17.3 percent from $657.4 million in the same period a year ago.


The results reflect higher demand across most end-market sectors led by industrial distribution and off-highway, as well as the benefit of acquisitions and currency.

Net income of $53.5 million or 68 cents per diluted share, compared to net income of $33.6 million or 43 cents for the same period a year ago. The year-over-year increase in net income reflects the impact of higher volume, favorable manufacturing performance, lower impairment and restructuring charges, and the benefit of acquisitions and currency. 

"We reported strong revenue and earnings growth in the quarter as we continued to see increased demand for our products and services globally," said Richard G. Kyle, Timken president and chief executive officer. "We executed well, delivering strong organic growth and expanding operating margins both sequentially and year-on-year. We also strengthened Timken's strategic position with the completion of the Groeneveld acquisition, our fifth acquisition in the last four quarters. Our organic growth initiatives and recent acquisitions are progressing well and will continue to deliver value for our shareholders."

Mobile Industries reported sales of $422.8 million, up 19.7 percent compared with the same period a year ago.

Process Industries reported sales of $348.6 million, up 14.6 percent from the same period last year.

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