Canton, Ohio-based specialty steel manufacturer The Timken Company announced Thursday that earnings of $345.2 million in the first nine months of 2011 was higher than income for the full year of 2010. Just in Q3, earnings climbed 55 percent to $111 million compared to $71.4 million in Q3 2010. Higher prices, surcharges and volume all contributed favorably to Timken's earnings in Q3.
Each of Timken's four operating segments showed tremendous growth over the quarter compared to the same period a year ago. Mobile Industries' sales were up 9 percent to $441.9 million in; Process Industries' sales surged 40 percent to $328.9 million; Aerospace and Defense posted slightly higher earnings of $81.8 million; and sales for the steel segment were $501.5 million, a 35 percent climb over last year.