Canton, Ohio-based Timken Company announced Tuesday that net sales of $1.3 billion in Q1 2011 were up 37 percent year-over-year, and net income attributable to the company amounted to $112.7 million in Q1 compared to $28.6 million in Q1 2010.
For the steel segment in particular, Timken reported sales of $481.5 million in Q1, up 78 percent from $270.3 million in Q1 1010 on stronger demand from the oil and gas and industrial market sectors. Surcharges also contributed to the improvement-raw material surcharges increased approximately $75 million over Q1 2010.
"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 CEO. "We are driving productivity, capacity improvements and new product introductions to serve growing demand from our customers around the world."
The Timken Company saw improvements across other sectors as well. It's Mobile Industries' sales were $43 million, up 21 percent from last year's Q1, and its Process Industries' Q1 sales rose 38 percent to $285 million.