SW Canton, Ohio, US-based Timken Company, a leading global manufacturer of highly engineered bearings, alloy steels and related components, has reported its financial results for the fourth quarter of 2009 and the whole year.
The company's sales revenue was $3.1 billion in 2009, with a decrease of 38 percent from a year ago when it was $5 billion, excluding for both periods the results of the needle roller bearings business which the company sold in December.
In 2009, the company incurred a full-year loss of $134 million, including a loss of $72.6 million from the needle roller bearings business, compared to $267.6 million income in the previous year.
For the quarter ended on December 31, 2009, sales revenues were $774.6 million with a decrease of 29 percent from $1.1 billion in the same period a year ago.
The company registered a net loss of $20.2 million in the fourth quarter of 2009, 44 percent lower than $36.2 million in the same period of 2008
The company said that the results reflect weak demand and lower surcharges, partially offset by improved pricing. In 2009, Timken anticipates an increase in sales of approximately 5 to 10 percent over 2009.