Banner year for Timken

Tuesday, 01 February 2005 16:39:00 (GMT+3)   |  
       

Banner year for Timken

Canton, Ohio-based Timken Company announced record sales of $4.5 billion in 2004, up 19% from the previous year. Timken’s steel group alone posted it best year ever as sales rose 35% to $1.4 billion. Record shipments as well as price increases necessitated by the rising cost of raw material drove sales to never before seen heights. The robust sales translated into an EBIT of $54.8 million. This marked a major turn around from 2003, when the company’s steel division posted a loss of $6.0 million. Timken’s steel group sales in the fourth quarter of 2004 reached $388.6 million, up 51% from the previous year. Strong demand as well as surcharges and price increases to recover the cost of raw materials contributed to the strong fourth quarter. The fourth quarter alone recorded an EBIT of $32.3 million compared to a loss of $4.2 million in 2003. Timken, which is known for producing ball bearings and steel tubing, also received $52’673’229 in payments from the US government as stipulated by the Byrd Amendment. This made Timken the top recipient of the redistribution of revenues from anti-dumping and countervailing duties in 2004.

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