Bearings and power transmission solutions manufacturer Timken reported its 2021 second quarter financial results on Monday, showing major year-over-year sales gains and a modest gain in sequential sales.
The North Canton, OH-based company posted total Q2 sales of $1.06 billion — a Q2 company record — up 32.3 percent year-over-year and up 4 percent from Q1. The company said the YoY increase was driven by a 26 percent rise in organic sales, which were across most end-market sectors.
Timken's Q2 gross profit of $302 million jumped 31.3 percent YoY and narrowly topped the $299 million it had in Q1, while Q2 operating profit of $152 million topped $115 million of a year earlier and $151 million in Q1. The company's Q2 net profit of $107 million topped the $62 million it had a year earlier and trailed the $113 million it had in Q1.
By Timken business segment in Q2:
- Process Industries sales of $569 million increased 23.4 percent YoY and increased 9.2 percent from Q1. Timken said the YoY increase was driven mainly by strong organic growth across most sectors, led by distribution, renewable energy and general industrial.
- Mobile Industries sales of $494 million jumped 44.2 percent YoY and trailed Q1's $504.5 million. Timken said the YoY increase was driven mainly by higher shipments across most sectors, led by off-highway, automotive and heavy truck.
Looking forward, Timken now expects 2021 full-year revenue to be up about 19 percent at the midpoint — up from the 18 percent increase it forecasted in its Q1 earnings report.