North Canton, OH-based Timken reported its 2017 fourth quarter and full-year financial results on Wednesday, showing major year-over-year (YoY) growth for the bearings maker.
The company posted Q4 total sales of $778 million, up 18.8 percent YoY, which Timken said was driven by organic growth across most end-market sectors, led by off-highway and industrial distribution. The company had a Q4 profit of $29.2 million, compared with a $6.9 million loss a year earlier. Operating profit of $66.6 million compared with a $11.5 million loss a year earlier, while gross profit of $211.1 million far surpassed the $131.2 million of a year earlier.
By business segment in Q4:
- Mobile Industries sales of $425.8 million increased 24.4 percent YoY, with acquisitions adding $42.7 million. Excluding acquisitions, sales were up 11.9 percent. EBIT of $32 million compared with a $8.2 million loss a year earlier.
- Process Industries sales of $352.2 million increased 12.7 percent YoY. EBIT of $55.6 million was more than double the $25.8 million a year earlier.
"Our strong fourth-quarter results capped an excellent 2017 for The Timken Company," said Richard Kyle, Timken president and CEO. "We posted solid revenue growth each quarter, responded well to our customers' increased demand for Timken products and services and delivered significantly improved financial results. We advanced our strategy across all fronts, and we move into 2018 a stronger company well prepared to capitalize on the expected continued growth in our end markets."
For the full year, Timken's total 2017 sales of $3.00 billion increased 12.5 percent from 2016, while last year's profit of $203.4 million compared with the $140.8 million in 2016. Operating profit of $284.7 million in 2017 compared with $174.5 million a year earlier, while 2017 gross profit of $810.4 million compared with the $668.5 million it had a year earlier.
By business segment for the full year 2017:
Mobile Industries sales of $1.64 billion increased 13.4 percent, with EBIT of $132.1 million compared to $87.1 million in 2016.
Process Industries sales of $1.36 billion increased 11.5 percent, with EBIT of $220.5 million compared to $149.5 million in 2016.