The 2020 Mid-Year Economic Update_long

Timken Sales Down 0.3% in 2Q

Year-to-date sales down 1.8 percent year-over-year.

The Timken Company (NYSE: TKR), North Canton, OH, reported sales for the second quarter of $789.2 million, down 0.3 percent year-over-year. Profit decreased 23 percent to $63.8 million.

"During the quarter, we completed the spinoff of TimkenSteel on time and under budget and we're now fully focused on executing our strategy for the bearings and power transmission business," said Richard Kyle, president and CEO. "We expect a stronger second half based on modest market growth combined with penetration gains and continued cost improvement."

Mobile industries sales in the second quarter decreased 5 percent year-over-year. Process industries sales increased 6 percent, while aerospace sales were essentially flat compared to last year's second-quarter sales.

Year-to-date sales were $1.5 billion, down 1.8 percent over the prior-year period. Profit decreased 6.5 percent to $147.6 million.

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