The 2020 Mid-Year Economic Update_long

Timken’s Sales up 3.7% in Q3

Mobile Industries sales decreased 2% compared with the same period a year ago.

The Timken Co. (NYSE: TKR), Canton, Ohio, reported third quarter sales of $914 million, up 3.7% from the same period a year ago. The company posted net income of $66.7 million compared with net income of $72.3 million in the year-ago period.

Mobile Industries sales of $455.1 million decreased 2% compared with the same period a year ago. The decrease was driven primarily by lower shipments in off-highway and heavy truck, and unfavorable currency, partially offset by the benefit of acquisitions and growth in the rail sector.

Process Industries reported sales of $458.9 million, up 10% from the same period a year ago. The increase was driven primarily by the benefit of acquisitions and organic growth in the renewable energy and marine sectors, partially offset by lower revenue in industrial services and unfavorable currency.

Sales for the first nine months increased 8.4% to $2.9 billion. Profit grew 5% to $256.9 million.

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