The Timken Company, Canton, OH, reported fourth-quarter sales of $1.21 billion, a decline of 9.7% from the same period a year ago. The company recorded a loss of $36.2 million for the quarter, as compared to profit of $48.3 million in fourth quarter 2007.
For the entire year, Timken reported sales of $5.7 billion, an increase of 8% from 2007. Profit improved 21.6% to $267.7 million.
During the year, the company benefited from strong demand in global industrial markets, surcharges, pricing and currency, as well as acquisitions serving the aerospace and energy market sectors. Lower automotive demand partially offset these benefits.
"Our strategy to reposition the company for more diversified, profitable growth in industrial markets contributed to …
Timken Reports 4Q Loss Of $36.2M
The Timken Company, Canton, OH, reported fourth-quarter sales of $1.21 billion, a decline of 9.7% from the same period a year ago. The company recorded a loss of $36.2 million for the quarter, as compared to profit of $48.3 million in fourth quarter 2007.
For the entire year, Timken reported sales of $5.7 billion, an increase of 8% from 2007. Profit improved 21.6% to $267.7 million.
During the year, the company benefited from strong demand in global industrial markets, surcharges, pricing and currency, as well as acquisitions serving the aerospace and energy market sectors. Lower automotive demand partially offset these benefits.
"Our strategy to reposition the company for more diversified, profitable growth in industrial markets contributed to …
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