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The Timken Company (NYSE: TKR), Canton, OH, reported first-quarter sales of $1.1 billion, up 1 percent from the prior-year quarter. Profit grew 11 percent to $83.5 million.
Stronger demand in the company's steel and process industries segments, higher raw material surcharges and the benefit of acquisitions drove the increase, offset by lower shipments in the mobile industries segment and the impact of currency.
During the quarter, the company filed TimkenSteel Corp.'s initial Form 10 Registration Statement for the planned separation, which is expected to be completed June 30, 2014.
Sales for steel, including inter-segment sales, were $390.1 million in the first quarter, 13 percent higher than the same period a year ago. The results reflect improved shipments to the oil and gas and industrial market sectors along with increased raw-material surcharges of approximately $15 million.
In the first quarter, mobile industries' sales of $344.7 million decreased 13 percent compared to last year's first quarter. The decrease was driven primarily by $45 million in lower volume due to program exits in the light vehicle sector.
Process industries' first-quarter sales were $310.2 million, up 9 percent year-over-year. The increase reflects higher industrial original equipment demand, primarily in the wind energy market sector, and the benefit of acquisitions.
Aerospace posted first-quarter sales of $82.7 million, essentially unchanged from the same period last year. Improved demand from the defense rotorcraft market sector largely offset a decline from the general aviation and commercial market sectors compared to a year ago.