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The eBearing News
July 20, 2000
Timken Reports Second Quarter 2000 Results
copyright © 2000 eBearing Inc.
The Timken Company (Canton, Ohio) reported continuing improvement in both sales and
earnings for the second quarter of 2000 against the second quarter of 1999.
Sales for second quarter 2000 were up 9% from 1999, from $636 million to
$693.2 million, while operating income almost doubled, climbing from
$12.2 million to $21.2 million. Excluding one-time restructuring charges,
net income in second quarter 2000 would have hit $24.7 million.
Second quarter Bearing Operation sales were $466 million, an increase of 3% over
1999's $451.4 million.
North American OEM automotive sales remained strong, as heavy-duty truck sales
showed weakness (similarly reflected in Timken competitor SKF's operating
results for the same quarter).
Overall, bearing sales were strong in most other markets, from North American
industrial markets, Latin America and Asia. Rail continued to be slow compared
to 1999's high levels, and aerospace markets improved somewhat.
Bearing Operation EBIT for 2Q2000 increased 32% from 2Q1999, to $26.6 million
from $20.1 million. Excluding restructuring charges, EBIT would have been
$31.2 million in 2Q2000.
As with many other international businesses, continued strength of the Dollar
and the Pound Sterling against European currencies impacted profitability of European operations.
In July 2000, Timken put through price increases designed to offset restructuring
costs and weak European operation profitability.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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