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Timken Q3 sales $707.4 million, down 10 percent

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Timken Company
The Timken Company   Currency accounted for 50% of the decrease

The Timken Company reported sales of $707.4 million for the third quarter of 2015, down 10 percent from a year ago. Currency accounted for half of the decrease.

The remaining decline was primarily due to continued softening across industrial end markets, partially offset by the benefit of acquisitions.

Net income from continuing operations was $63.4 million or $0.75 per diluted share for the quarter, versus a loss of $10.9 million or $0.12 per share a year ago.

The third quarter of 2014 included a $118 million pre-tax charge related to the restructuring of the company's aerospace business.

Adjusted net income from continuing operations was $46.7 million or $0.55 per diluted share. This compares with $70 million or $0.77 per diluted share for the same period in 2014.

The year-over-year change in adjusted net income reflects the impact of negative currency, lower volume and unfavorable price/mix, partially offset by favorable material, operating and SG&A costs, and a lower tax rate.

Earnings per share benefited from the company's share buyback program, with 1.55 million shares repurchased in the third quarter, bringing the year-to-date total to 5.9 million shares. Free cash flow (net cash from operations minus capital expenditures) for the quarter was $119 million.


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