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.