Timken Co. profitable on higher third quarter sales
JACKSON TWP. -- Costs related to pension changes and higher taxes cut into third quarter profits,
Currency exchanges tied to the strengthening
The company adjusted its year-end forecast. Revenue now is projected at
"While we are taking a cautious view with respect to the fourth quarter, we remain confident in the long-term outlook for the company," Kyle said in the earnings news release. "Our expected record performance in 2019 demonstrates our earnings power in a slowing industrial market environment, the enduring strength of our portfolio, and our ability to navigate and deliver through industrial cycles."
Profits for the quarter ended
The third quarter profits decrease compared with last year occurred because of pensions and other retirement plan changes, as well as a higher income tax expense, according to the release.
Through the first nine months, Timken's profits are
Timken's two business segments -- mobile industries and process industries -- have nearly identical net sales through the first nine months. Process industries reported higher third quarter sales that the mobile segment.
Improved sales in the process industries segment demonstrates how Timken is shifting its business and moving into a wider variety of business areas, he said.
Sales in process industries through the end of September are
Mobile industry sales are
Mobile industries has seen fewer shipments in the off-road and heavy truck segments, particularly in the North American market. Declines are offset by gains in rail in
Kyle said Timken has benefited from a string of acquisitions made in recent years. The company closed on its previously announced purchase of BEKA Lubrication, based in
The earnings report had little impact on Timken's stock value. Although the share price opened down, it recovered during the day to close at
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