Timken seeing red for '09, logs quarterly loss
Jul 29, 2009 | 10:43 AM
| Maria Guzzo
Weak sales volumes across all of its end-markets led Timken Co. to post a net loss in the second quarter, with the company predicting it will draw red ink for the full year as well.
Canton, Ohio-based Timken posted a second-quarter net loss of $64.5 million in contrast to net income of $88.9 million in the same quarter last year on sales that fell 46 percent to $828.9 million.
For the first half, the net loss totaled $63.6 million vs. net income of $173.4 million in the first half of 2008 on sales that fell 39.8 percent to nearly $1.79 billion.....
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