Posted April 26, 2011
Timken generates record income
The Timken Company reported sales of $1.3 billion in the first quarter of 2011, an increase of 37 percent over the same period a year ago.
The sales increase reflects stronger global demand across most of the company's end markets as well as higher material surcharges and pricing.
The company generated record first-quarter income from continuing operations of $112.7 million, or $1.13 per diluted share, compared with $28.3 million, or 29 cents per share, a year ago.
"Timken's first-quarter results set the company on pace to achieve record earnings this year, and demonstrate that our strategic work over the past few years to transform the company is serving us well," said James W. Griffith, Timken president and chief executive officer. "We are driving productivity, capacity improvements and new product introductions to serve growing demand from our customers around the world."
The Process Industries Segment's first-quarter sales were $285 million, up 38 percent from $206.6 million for the same period a year ago. Increased global demand from industrial distribution, growth in Asia and sales of new products contributed to the improvement.
