The Timken Company (NYSE: TKR), Canton, OH, reported sales for the second quarter of $1.3 billion, a 1 percent increase over the same period a year ago. Profits jumped up 50% to $183.4 million.

Download a Free Chapter: The Little Black Book of Strategic Planning for Distributors Submit your email address below to receive a chapter of Brent Grover’s new book. When you submit your email you will be signed up to receive weekly distribution news updates.

Included in quarterly results are two significant items: income from Continued Dumping and Subsidy Offset Act (CDSOA) receipts of $69 million; and charges related to the closure of a bearing production plant in St. Thomas, Ontario of $17.7 million. The increase in earnings also reflects higher pricing, mix, lower material costs and acquisitions.

Segment Results
In the second quarter, Mobile Industries' sales were $448.4 million, down 4 percent from last year.  The benefit of the Drives acquisition and the strength of rail markets were more than offset by lower demand in other mobile sectors.

Process Industries' sales were $337.7 million, up 10 percent from the same period a year ago. The increase reflects the impact of acquisitions and pricing, partially offset by weaker demand outside North America.

Aerospace and Defense had second-quarter sales of $87.2 million, up 4 percent from the same period last year. The increase reflects higher volume, led by the defense and motion control sectors.

Sales for Steel, including intersegment sales, were $499.8 million, down slightly from 2011’s second quarter. The results reflect increased pricing and favorable mix, offset by lower shipments to the industrial and mobile on-highway sectors and lower material surcharges of approximately $30 million.

For the first six months, total sales for The Timken Company were $2.8 billion, up 7 percent from the same period in 2011. Profit rose 44.9 percent to $339.3 million.