6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
The Timken Company,Canton, OH, reported 2004 sales of $4.5 billion, a 19 percent increase from the prior year. Timken achieved 2004 net income of $135.7 million, up from $36.5 million or $0.44 per diluted share in 2003. Adjusted net income, which excludes the impact of special items, was $122.3 million in 2004, compared to $56.0 million in 2003.
"The strategic actions we have taken to improve our competitiveness enabled us to capitalize on the global industrial recovery and deliver improved performance," said James W. Griffith, president and CEO. "We achieved record sales and strong earnings growth over last year despite unprecedented high raw material costs. The rapid improvement in industrial market demand for our products that buoyed our performance in 2004 is continuing. Our momentum remains strong as we enter 2005, and we will be taking steps to further improve margins, customer service and productivity in the face of these strong markets."
The 2004 reported income includes the following special items that are excluded from adjusted results: