TimkenSteel Corporation (NYSE: TMST), Canton, OH, reported sales for the second quarter of $442.2 million, up 24.9 percent year-over-year. Profit increased 13 percent to $28.6 million.
"We successfully completed the spinoff of TimkenSteel, and began our journey as an independent company with a strong financial position," said Ward Timken, Jr., president and CEO. "In the second quarter, our results demonstrate our ability to drive shareholder value by selling into more profitable niche markets and leveraging our manufacturing capabilities with strong structural performance."
Industrial and mobile segment sales in the second quarter were $254.7 million, up 13.7 percent year-over-year. Energy and distribution segment sales were up 44.1 percent to $187.5 million.
Year-to-date sales were $831.7 million, up 18.7 percent over the prior-year period. Profit increased 34.6 percent to $62.3 million.