CANTON, Ohio–(BUSINESS WIRE)–The Timken Company (NYSE: TKR) today reported sales of $828.9 million for the second quarter of 2009, a decrease of 46 percent over the same period a year ago. The decline in sales was due to weaker demand across most of the company’s end markets, lower steel surcharges and currency, which were partially offset by improved pricing.
For the quarter, the company incurred a loss of $64.5 million, or $0.67 per share, compared with income of $88.9 million, or $0.92 per diluted share, a year ago. Excluding special items, the second-quarter loss was $20.6 million, or $0.21 per share, compared with the prior-year’s income of $92.4 million or $0.96 per diluted share. The results reflect lower sales volume and manufacturing utilization, which were partially offset by favorable pricing and cost-reduction initiatives.