The Timken Company, Canton, OH, reported sales of $960.4 million for first quarter of 2009, a decrease of 33% over the same period a year ago. First-quarter profit was $0.9 million, compares with profit of $84.5 million for first quarter 2008.
It’s now clear that the impact of the recession on the demand for our products will be deeper and longer lasting than we anticipated. In the short term, we are managing the company with a heightened emphasis on cash flow, said James W. Griffith, president and CEO. “At the same time, we are taking actions to structure the company for profitability, even at current levels of demand, including efforts to strengthen our portfolio while improving the competitiveness of our manufacturing base.” …
Timken Company 1Q Sales Fall 33%
The Timken Company, Canton, OH, reported sales of $960.4 million for first quarter of 2009, a decrease of 33% over the same period a year ago. First-quarter profit was $0.9 million, compares with profit of $84.5 million for first quarter 2008.
It’s now clear that the impact of the recession on the demand for our products will be deeper and longer lasting than we anticipated. In the short term, we are managing the company with a heightened emphasis on cash flow, said James W. Griffith, president and CEO. “At the same time, we are taking actions to structure the company for profitability, even at current levels of demand, including efforts to strengthen our portfolio while improving the competitiveness of our manufacturing base.” …
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