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Home » The Timken Company Reports $50M Loss in 3Q

The Timken Company Reports $50M Loss in 3Q

By    MDM  Staff 
October 29, 2009
More about:  PT/Motion Control/Fluid Power
Sales for the manufacturer of power transmission products were down 43% from a year ago.
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The Timken Company (NYSE: TKR), Canton, OH, reported sales of $763.6 million for the third quarter of 2009, a decrease of 43% over the same period a year ago. The manufacturer of power transmission products incurred a loss of $50.1 million for the quarter, including $30.8 million from the Needle Roller Bearing business, listed under discontinued operations.

In July, Timken signed an agreement to sell the assets of the Needle Roller Bearings business to JTEKT Corporation.

For the first nine months of 2009, sales were $2.37 billion, a decrease of 40% from the same period in 2008. The reported loss of the first nine months was $113.8 million.

The Bearings and Power Transmission Group had third-quarter sales of $614.8 million, down 28% from the same period last year. Earnings before interest and taxes (EBIT) for the third quarter were $48.9 million, down 47%.For the first nine months of 2009, sales were $1.86 billion, down 28% from the same period a year ago.

In the third quarter, Mobile Industries sales were $327.6 million, a decrease of 23% from the same period a year ago. Third-quarter EBIT was $13.7 million, an increase of 58%.For the first nine months of 2009, sales of $920.4 million were down 34%.

Process Industries had third-quarter sales of $187.0 million, down 41% from the same period a year ago. Lower demand across most industrial market sectors more than offset favorable pricing. Third-quarter EBIT was $16.1 million, down 78%. For the first nine months of 2009, Process Industries sales were $619.1 million, down 31%.

Aerospace and Defense had third-quarter sales of $100.3 million, down 4% from the same period last year. Third-quarter EBIT was $19.1 million, up 95%.Performance benefited primarily from cost-reduction initiatives and pricing. For the first nine months of 2009, Aerospace and Defense sales were $318.8 million, up 5%.

Sales for the Steel Group, including inter-group sales, were $157.9 million during the third quarter, a decrease of 71% from the same period last year, with 53 percent fewer shipped tons. The greatest market declines were from the industrial and energy sectors, while light vehicle demand was up slightly compared with a year ago. The Steel Group incurred an EBIT loss of $20.3 million compared with EBIT of $133.8 million for the same period a year ago. For the first nine months of 2009, Steel Group sales were $541.4 million, down 63%.

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