The Timken Company, Canton, OH , reported record third-quarter sales of $1.48 billion, an increase of 18% over the same period a year ago. Profit was $130.4 million, compared to $41.2 million for third quarter 2007.
The company benefited from the favorable impact of surcharges, pricing and currency, as well as acquisitions that serve the aerospace and energy market sectors. Strong sales in global industrial markets largely offset the impact of weaker automotive demand.
Our strategy of shifting our portfolio toward more attractive global industrial markets is clearly delivering results,”said James W. Griffith, Timken’s president and chief executive officer. “While the economy today is unsettled, we still see strong demand for our products from aerospace, …
Timken Sales Up 18% in 3Q
The Timken Company, Canton, OH , reported record third-quarter sales of $1.48 billion, an increase of 18% over the same period a year ago. Profit was $130.4 million, compared to $41.2 million for third quarter 2007.
The company benefited from the favorable impact of surcharges, pricing and currency, as well as acquisitions that serve the aerospace and energy market sectors. Strong sales in global industrial markets largely offset the impact of weaker automotive demand.
Our strategy of shifting our portfolio toward more attractive global industrial markets is clearly delivering results,”said James W. Griffith, Timken’s president and chief executive officer. “While the economy today is unsettled, we still see strong demand for our products from aerospace, …
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