Weak demand hits Timken’s earnings
Oct 25, 2012 | 04:30 PM
| Corinna Petry
Tags
Timken,
quarterly earnings,
steel,
raw material surcharges,
steel shipments,
James Griffith,
Corinna Petry
CHICAGO — Timken Co.’s third-quarter net income fell 27.1 percent on sales that dropped 13.6 percent vs. the same year-ago period.
The drop reflects weaker demand in many of its end markets and lower surcharges, partially offset by better pricing and lower manufacturing costs, as well as revenue from an acquisition.
Canton, Ohio-based Timken posted net income of $80.9 million for the three months ended Sept. 30 on sales of $1.14 billion. That compares with third-quarter 2011 net income of $111 million on sales of $1.32 billion.....
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