Timken reports drop in sales across all segments

Friday, 26 July 2013 01:20:08 (GMT+3)   |   San Diego
       

Canton, Ohio-based The Timken Company reported Thursday sales of $1.1 billion for Q2 2013, a 16 percent decrease from the prior year. The decline primarily reflects lower off-highway, industrial distribution, and oil and gas demand as well as the impact of the company's market strategy in the light-vehicle sector, partially offset by the benefit of acquisitions. In addition, sales reflect a $49 million decline in raw material surcharges from the prior-year quarter. For the first half of 2013, Timken posted sales of $2.2 billion, down 20 percent from the same period last year.

Timken generated net income in Q2 of $82.8 million, down substantially from $183.6 million during the same period a year ago. The decrease in Q12 earnings also reflects lower demand as well as unfavorable sales mix.  For the first half of the year, the company generated net income of $157.9 million, compared with $339.3 million in the same period last year.

In Q2, Timken's Mobile Industries segment's sales of $393.1 million decreased 12 percent compared with last year's Q2 sales of $448.4 million. Process Industries' Q2 sales were $317.4 million, down 6 percent from $337.7 million for the same period a year ago. Aerospace posted Q2 sales of $82 million, down 6 percent from $87.2 million for the same period last year. Sales for Steel, including inter-segment sales, were $354.1 million in Q2, a decrease of 29 percent from $499.8 million for the same period last year. 

The Timken Company now expects 2013 sales to be 10 percent lower year-over-year.


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