The Timken Co. (NYSE: TKR), Canton, Ohio, reported first-quarter sales of $923.4 million, down 5.7%t from the same period a year ago. The decline was driven by lower demand in most end markets and unfavorable currency, partially offset by the favorable impact of acquisitions and positive pricing. In the first quarter, Timken posted net income of $80.7 million, versus net income of $91.9 million for the same period a year ago.
Mobile Industries sales of $466.7 million decreased 6.7% compared with the same period a year ago and Process Industries sales of $456.7 million decreased 4.8%.
“First quarter revenue and profitability improved meaningfully from the fourth quarter of 2019 as we expected, despite the impact from the COVID-19 pandemic,” said Richard G. Kyle, Timken president and CEO. “The Timken team responded quickly to the pandemic, prioritizing the health and safety of our global associates and stakeholders. We have also taken significant short-term cost-reduction actions across the enterprise to mitigate the impact of COVID-19 on our second-quarter performance. We are confident in our ability to successfully manage through the challenges that lie ahead.”