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 sales of $828.9 million for the second quarter of 2009, a decrease of 46% over the same period a year ago. The manufacturer of power transmission products recorded a loss of $64.5 million for the term, compared with profit of $88.9 million a year ago.
"The combination of a slow economy and inventory reduction throughout the supply chains we serve continues to curb demand for our products. We're now seeing evidence that our customers' inventory destocking activities may go longer and deeper than we expected," said James W. Griffith, president and CEO. "We have decreased manufacturing output in response to lower demand and are on track in our efforts to right-size the company."
For the first half of 2009, sales were $1.79 billion, down 40% from the same period in 2008. The company incurred a loss of $63.6 million, compared to profit of $171.3 million the prior year.
The Bearings and Power Transmission Group had second-quarter sales of $700.6 million, down 34% for the same period last year. For the first half of 2009, Bearings and Power Transmission Group sales were $1.43 billion, down 32%.
In the second quarter, Mobile Industries sales were $365.7 million, a decrease of 42% for the same period a year ago. For the first half of 2009, Mobile Industries sales of $738.6 million were down 42%.
Process Industries had second-quarter sales of $221.7 million, down 32% from the same period a year ago. For the first half of 2009, Process Industries sales were down 27% to $464.9 million.
Aerospace and Defense had second-quarter sales of $113.2 million, up 7% from the same period last year. The EXTEX acquisition, completed in November 2008, accounted for approximately 35 percent of the sales increase. For the first half of 2009, Aerospace and Defense sales were $225.8 million, up 9%.
Sales for the Steel Group, including inter-group sales, were $134.8 million during the quarter, a decrease of 74% from second-quarter sales last year. For the first six months of 2009, Steel Group sales were $383.4 million, down 59%.