Timken has reported record sales of US$5.2bn for 2011, up 28% year on year on strong demand from the diverse industrial markets it supplies.
“The increase primarily reflects growth from the energy, heavy truck, mining, rail and industrial distribution sectors, as well as favourable pricing, material surcharges and acquisitions,” a results statement said.
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Operating income rose 65% to $454.3m. Higher volume, favourable mix, surcharges and pricing drove the improvement, more than offsetting increased raw material and administrative costs, Timken said.
“Our financial results tell the story of a transformed Timken Company,” said James Griffith, president and chief executive officer. “We’ve successfully repositioned the company, focusing our efforts on those industries and applications where we bring significant value and can make a difference in our customers’ performance.”
Timken reported fourth quarter sales of US$1.3bn, up 18%. Operating income was $1.11 per share compared with $0.87 in Q4 2010.
Timken expects sales growth of 5 to 8% in 2012 with mobile industries sales relatively flat for the year, reflecting improved off-highway and rail demand, offset by reduced light-vehicle business.
