Timken Q3 sales $707.4 million, down 10 percentStaff writer ▼ |
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.
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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