CANTON, Ohio – The Timken Co. has reported sales of $1.3 billion in the second quarter of 2012, a one percent increase over the same period a year ago. The company says these results reflect the favorable impact of acquisitions, pricing and mix, which were mostly offset by weaker demand across broad end-markets, primarily outside North America, currency and lower material surcharges.
 
Timken generated income in the second quarter of $183.6 million, or $1.86 per diluted share, compared with $121.5 million, or $1.22 per diluted share during the same period a year ago.  
 
"Our second-quarter performance demonstrated the impact of our improved business model and operating capabilities," said James Griffith, Timken president and chief executive officer. "As the quarter unfolded, it became clear that the weakening global economy was reducing demand for our products and services. We adjusted our business to the economic realities and are confident Timken is positioned to perform well through the economic cycle."
 
For the first half of 2012, Timken posted sales of $2.8 billion, up 7 percent from the same period in 2011. In the first half of 2012, the company generated income of $339.3 million, or $3.44 per diluted share. That compares with $234.2 million, or $2.36 per diluted share, earned in the same period last year.
 
The company said it expects further weakening in many of its global markets for the remainder of 2012. As a result, Timken now expects 2012 sales to be up slightly compared to 2011. Timken now projects 2012 annual earnings to range from $5 to $5.30 per diluted share.