Canton, Ohio-based The Timken Company announced Tuesday record net income in Q1 of $155.7 million, up from $112.7 million in the same period a year ago. The increase was driven by improved pricing, demand and product mix--sales jumped 13 percent year-on-year to $1.4 billion.
In Q1, Mobile Industries' sales were $469.1 million, up 6 percent from last year's first-quarter sales of $443 million. The increase was primarily driven by higher demand in the off-highway and rail sectors. Process Industries' Q1 sales were $355.6 million, up 25 percent from $285 million for the same period a year ago. Aerospace and Defense had Q1 sales of $91.3 million, up 15 percent from $79.1 million for the same period last year. Sales for Steel, including inter-segment sales, were $535.5 million in Q1, an increase of 11 percent from $481.5 million for the same period last year. The results reflect increased pricing and favorable mix driven by strengthening demand in the oil and gas markets, partially off-set by lower shipments to the industrial and mobile on-highway sectors. Raw-material surcharges increased approximately $5 million from Q1 2011.