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The Timken Company (NYSE: TKR), Canton, OH, reported sales of $1 billion in the second quarter of 2010, an increase of 37 percent over the same period a year ago. The increase was driven by strong demand in the company’s Mobile Industries and Steel segments, as well as the favorable impact of surcharges to recover material costs.
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"Our company has rebounded extremely well from the challenges experienced during the recent recession," said James W. Griffith, Timken president and CEO. "We are leveraging increased customer demand and growth in attractive markets to deliver stronger earnings.”
For the first half of 2010, sales were $1.9 billion, an increase of 20 percent from the same period in 2009. Income from the company’s continuing operations, net of non-controlling interest, for the first six months of 2010 was $109.7 million, compared with a loss of $34.5 million a year ago.
The Bearings and Power Transmission Group had second-quarter sales of $694.7 million, up 14 percent from $608.4 million for the same period last year.
For the first half of 2010, Bearings and Power Transmission Group sales were $1.4 billion, up 9 percent from the same period a year ago.
In the second quarter, Mobile Industries’ sales were $400.4 million, a 37-percent increase from last year’s second-quarter sales of $292.2 million. The increase was driven by stronger demand, led by the light-vehicle, off-highway and heavy-truck market sectors.
For the first half of 2010, Mobile Industries’ sales of $767.9 million were up 30 percent from the same period a year ago.
Process Industries had second-quarter sales of $211.6 million, up 2 percent from $207.0 million for the same period a year ago. The increase reflects higher sales in Asia, partially offset by declines in North America and Europe.
For the first half of 2010, Process Industries sales were $418.2 million, down 3 percent from the same period a year ago.
Aerospace and Defense had second-quarter sales of $82.7 million, down 24 percent from $109.2 million for the same period last year. The decline reflects further reductions in demand from commercial and general aviation market sectors, while the defense markets remain relatively flat.
For the first half of 2010, Aerospace and Defense sales were $174.8 million, down 20 percent from the same period a year ago.
Sales for the Steel Group, including inter-group sales, were $338.1 million in the second quarter, an increase of 151 percent from $134.8 million for the same period last year. The increase was driven by stronger demand across most end markets and higher raw-material surcharges of $84 million.
For the first six months of 2010, Steel Group sales were $608.4 million, up 59 percent from the first half of last year.