The 2020 Mid-Year Economic Update_long

Timken Posts Record Sales in 2Q

Timken reported net income of $104.8 million in the second quarter versus net income of $61.9 million in the same quarter a year ago.
Timken

Bearings manufacturer The Timken Co. (NYSE: TKR), North Canton, Ohio, said on Monday that it had posted record sales of over $1 billion in the second quarter, which were up 32% from last year. Additionally, second-quarter sales were up nearly 4% from the first quarter of 2021.

Timken reported net income of $104.8 million, or $1.36 per diluted share, in the second quarter, versus net income of $61.9 million, or $0.82 per diluted share, in the same quarter a year ago.

Timken said the year-over-year increase was primarily driven by the impact of higher volume, favorable manufacturing performance and the benefit of currency, which were partially offset by higher selling, general and administrative (SG&A) expenses and higher material and logistics costs.

“Timken achieved record revenue in the second quarter,” said Timken President and CEO Richard G. Kyle.  “While the strong demand created supply chain and logistics challenges globally, we successfully navigated the situation and grew revenue by four percent above our record first quarter. We served our customers well, continued to win new business and delivered solid operating performance. Markets strengthened further as we moved through the quarter, as evidenced by the increase in our backlog.”

Going forward, Timken expects full-year earnings to fall in the range of $5.15 to $5.45 per share.

Related Posts

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.