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Timken Sales Up 39% in 3Q

The Timken Company (NYSE: TKR), Canton, OH, reported sales of $1.1 billion in the third quarter of 2010, an increase of 39 percent over the same period a year ago. The sales increase reflects stronger global demand across most of the company’s end markets and higher material surcharges.

Income from continuing operations was $71.4 million, up from a loss in the same period last year.

For the first nine months of 2010, sales were $3 billion, an increase of 26 percent from the same period in 2009. Income from the company’s continuing operations for the first nine months of 2010 was $181.1 million

The Bearings and Power Transmission Group had third-quarter sales of $719.6 million, up 17 percent from $614.8 million for the same period last year. Earnings before interest and taxes (EBIT) for the third quarter were $101.6 million, up from $48.8 million in the third quarter of 2009.

For the first nine months of 2010, Bearings and Power Transmission Group sales were $2.1 billion, up 12 percent from the same period a year ago. For the first nine months of 2010, EBIT was $288.3 million, compared with EBIT of $149.9 million in the first nine months of 2009.

In the third quarter, Mobile Industries’ sales were $404.1 million, up 23 percent from last year’s third-quarter sales of $327.6 million. Stronger demand drove the sales increase, led by the off-highway, light-vehicle and heavy-truck sectors.

EBIT for the segment was $60.6 million for the third quarter, up from $13.7 million in the same period a year ago. Higher volume, better manufacturing utilization and pricing initiatives drove the increase, partially offset by higher material and selling and administrative costs.

For the first nine months of 2010, Mobile Industries’ sales of $1.2 billion were up 27 percent from the same period a year ago. EBIT for the first nine months of 2010 was $171.5 million, compared with last year's EBIT loss of $0.6 million.

Process Industries' third-quarter sales were $234.5 million, up 25 percent from $187 million for the same period a year ago. Stronger distribution sales, especially in North America and Asia, were primary drivers of the increase.

Process Industries' third-quarter EBIT was $37.2 million, up from $16 million a year ago. Higher volume and better manufacturing utilization drove the increase, partially offset by higher material and selling and administrative costs.

For the first nine months of 2010, Process Industries' sales were $652.7 million, up 5 percent from the same period a year ago. EBIT for the first nine months of 2010 was $93 million, compared with EBIT of $94.6 million in the first nine months of 2009.

Aerospace and Defense had third-quarter sales of $81million, down 19 percent from $100.2 million for the same period last year. The decline reflects reduced demand from commercial and general aviation sectors with some weakness in the defense market. Implementation of new engineering systems and business processes also temporarily dampened sales in the quarter.

Third-quarter EBIT was $3.8 million, down from $19.1 million a year ago. The decline primarily reflects lower sales and higher manufacturing costs.

For the first nine months of 2010, Aerospace and Defense sales were $255.8 million, down 20 percent from the same period a year ago. EBIT for the first nine months of 2010 was $23.8 million, compared with EBIT of $55.9 million in the first nine months of 2009.

Sales for the Steel Group, including inter-group sales, were $371.3 million in the third quarter, an increase of 135 percent from $157.9 million for the same period last year. The results reflect strong demand across all markets. Raw-material surcharges increased approximately $80 million from the third quarter last year.

Third-quarter EBIT was $41.3 million, compared with an EBIT loss of $20.2 million for the same period a year ago. EBIT benefited from improved volume and mix, manufacturing utilization and surcharges, partially offset by higher material costs.

For the first nine months of 2010, Steel Group sales were $979.7 million, up 81 percent from the first nine months of last year. EBIT for the first nine months of 2010 was $104.2 million, compared with an EBIT loss of $60.4 million for the same period a year ago.

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