CANTON, OH — The Timken Co. has reported record sales of $3.8 billion for 2003, a 49 percent increase from the prior year. Excluding the impact of the February 2003 acquisition of The Torrington Co., sales grew approximately 8 percent, including 3 percent related to foreign currency translation, the company said.
Timken achieved 2003 net income of $36.5 million or $0.44 per diluted share, compared with $38.7 million or $0.62 per diluted share for the prior year. Adjusted 2003 net income was $56 million or $0.67 per diluted share compared to $53.3 million or $0.87 per diluted share in 2002, excluding the impact of special items discussed below and the cumulative effect of change in accounting principle in 2002.
In commenting on 2003 results, James W. Griffith, president and CEO, said: “2003 was a pivotal year for The Timken Co. Our $840 million strategic acquisition of Torrington was accretive to earnings and added $1 billion in new sales. We leveraged our balance sheet higher to purchase Torrington with debt peaking at more than $1 billion during the year, but we have since reduced this level by nearly $300 million.
“While we were disappointed in our 2003 earnings performance, the year ended with signs of improvement, he added. “We will continue to focus on returns to our shareholders by providing better value to our customers, as we grow opportunities and synergies created by the acquisition. Our actions in 2003 set the course for improved performance and created a solid foundation for our future.”
For more information on Timken, visit: www.timken.com.
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