Timken reports income drop
CANTON – Lower demand last year led to a 13 percent decrease in sales and a 36 percent drop in net income at Timken Company, the company announced Friday in its quarterly earnings report to investors.
After tax expenses and benefits, the company’s 2013 net income was $295.5 million, or $3.09 per share, compared with 2012 net income of $464.6 million, or $4.76 per share.
The company attributed the earnings decrease largely to lower volume and manufacturing demand.
For fourth quarter, Timken posted sales of $1.1 billion, down 2 percent from the same period in 2012. Lower demand in industrial, mining, heavy-truck and light-vehicle sectors was party offset by increased demand in energy, rail, aerospace-related defense and steel-related light-vehicle markets.
For the quarter, the company generated net income of $52.6 million, or 55 cents per share, compared with $75.3 million, or 78 cents per share, earned in the same period last year.
James W. Griffith, Timken president and chief executive officer, said the company has undertaken initiatives to match cost structure to demand to improve growth ability. Timken employs about 40 workers at its plant in Niles.