Timken reports 3Q loss
The Timken Company reported a loss of $14.8 million for the third quarter, resulting from non-cash charges and discontinued operations.
The consolidated net loss of $14.8 million, or 16 cents per share, includes a loss of $11.0 million from discontinued operations. Net income from continuing operations was a loss of $3.8 million or 4 cents per share. This compares with net income from continuing operations during the same period a year ago of $34.5 million or 36 cents per diluted share.
Sales for the quarter increased 8 percent to $788 million, primarily driven by organic growth in Process Industries.
Mobile Industries sales increased 3 percent compared with the same period a year ago. Excluding the impact of planned program exits that concluded in 2013, sales were up 8 percent, driven largely by market growth and share gains in the rail sector.
Process Industries sales increased 16 percent compared with last year's third quarter, driven by market growth and share gains in the wind energy sector and the industrial aftermarket.
Aerospace sales were essentially flat compared with third-quarter sales last year. Beginning with the fourth quarter of 2014, Timken will incorporate aerospace business results primarily within the company's Mobile Industries segment.
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