Timken reports second quarter earnings
Canton, Ohio steelmaker Timken Co. reported second quarter 2005 net sales increased 17 percent due in large to improved leverage in its industrial markets as well as increased competitiveness. Net sales were $1.3 billion for the second quarter 2005, an increase over the $1.1 billion seen for the same period in 2004. Year-to-date net sales were reported as $2.6 billion, a 17 percent increase from same period in 2004. Net income for the second quarter was reported as $67.6 million, or $0.73 per diluted share, compared to $25.3 million, or $0.28 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $125.6 million while year-to-date 2004 net income was $53.8 million. Timken president and CEO John W. Griffith said, "We are pleased to report both record sales and second-quarter earnings per share. As these results demonstrate, we have leveraged the strength of the industrial markets we serve, while improving competitiveness," Commenting on Timken's outlook, Mr. Griffith said, "Over the next quarter, we will announce detailed plans to globally restructure our Automotive Group to reduce fixed costs, with targeted annual savings of approximately $40 million," The Timken Company manufactures highly engineered bearings, alloy steels and related products.