The Timken Co. (NYSE: TKR), Canton, OH, reported sales for the third quarter of $1.1 billion, a decrease of 7 percent compared to the same period a year ago. Profit decreased 35.5 percent to $52.2 million.
Mobile industries sales of $348.1 million decreased 12 percent compared with last year. Process industries' third-quarter sales were $308.3 million, down 1 percent from the same period a year ago. Aerospace sales were $76.3 million, down 9 percent year-over-year. Sales for steel, including inter-segment sales, were $350.5 million, a decrease of 7 percent.
"On a macro basis, economic growth across the world has been much slower than we and our customers envisioned," said James W. Griffith, president and CEO. "As a result, we've implemented and are continuing to take additional actions to allow us to enhance margins despite the lower demand levels. These include leveraging our strategic investments as well as implementing tactics to rationalize capacity levels and taking further actions to reduce costs, with a focus on SG&A."
For the first nine months, sales for Timken were $3.3 billion, a decrease of 16 percent compared to the same period a year ago. Profit decreased 50 percent to $210.1 million.