The 2020 Mid-Year Economic Update_long

Timken Sales Down 2% in 1Q

Process industries sales for the quarter increased 5 percent.

The Timken Company (NYSE: TKR), Canton, OH, reported first quarter sales of $722.5 million, down 2 percent year-over-year. The company reported a loss of $135.2 million, compared to a profit of $83.5 million in the same period the prior year.

Mobile industries sales for the quarter were $393 million, a 7 percent decrease from the previous year, with 4.5 percent attributable to currency.

Process industries sales for the quarter increased 5 percent to $329.5 million. Sales were driven by strong organic growth in the wind energy and military marine sectors as well as the benefit of acquisitions, partially offset by currency.

"Although the year started off softer than expected, we were successful in achieving 3 percent sales growth before currency and delivered adjusted earnings in line with last year," said Richard G. Kyle, president and CEO. “We continue to outgrow markets in Process Industries, achieving 9 percent growth in the quarter excluding currency."

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