Timken’s 1Q sales rise 12 percent

Industrial Distribution staff -- Industrial Distribution, 4/30/2008 6:53:00 AM

The Timken Co. posted first-quarter sales of $1.44 billion, up 11.7 percent compared with $1.29 billion during the same period last year.

Net income for the Canton, Ohio-based bearings manufacturer rose 12.3 percent to $84.5 million, compared with $75.2 million during the first quarter of 2007.

“We achieved record first-quarter earnings as execution of our strategic initiatives and a more efficient operating model allowed us to take better advantage of continued strong global demand for our industrial products,” president and CEO James Griffith said. “We continue to have a positive outlook for 2008 performance as we bring more capacity online in attractive markets and advance our pricing and execution initiatives.”

Timken said it expects demand to remain strong worldwide through 2008 “as additional capacity comes online in key growth markets.”

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