Timken Co. made a lot of money in 2011 and expects higher sales and income this year.

And the Canton steel and bearings manufacturer said Thursday that today it will “continue discussions” with the United Steelworkers after union members this month voted down a contract that would enable Timken to spend $225 million to expand its Faircrest steel mill.

“The company and union have agreed to meet on Friday, January 27th, to continue discussions on the labor agreement,” Timken said in a one-sentence statement posted on its website.

Company executives might have more comment about the renewed union talks in an earnings conference call at 11 a.m. today with industry analysts.

Timken reported record annual revenue of $5.2 billion for fiscal 2011, up 28 percent from a year ago. The company had annual net income of $454.3 million, or $4.59 per share, up 68 percent from $274.8 million, or $2.73 per share, in 2010.

Timken released its earnings after the stock market closed Thursday.

Shares of Timken fell 69 cents to $47.67. Shares are up 23.1 percent since Jan. 1, including dividends, but are down 6.9 percent from a year ago.

Fourth-quarter sales and net income were also up from a year ago.

Timken reported earning $109.1 million, or $1.11 per share, on sales of $1.3 billion for the quarter ending Dec. 31. Income was up 18 percent from $90.3 million, or 87 cents per share, on revenue of nearly $1.1 billion a year ago.

Timken said revenue and income for the quarter and full year got a boost from its energy, heavy truck, mining, rail and industrial distribution sectors.

“Our financial results tell the story of a transformed Timken Co.,” James W. Griffith, president and chief executive, said in a prepared statement. “We’ve successfully repositioned the company, focusing our efforts on those industries and applications where we bring significant value and can make a difference in our customers’ performance. As a result of this and our improved operating model, we have increased our earning power.”

Timken said it expects overall sales to grow 5 to 8 percent and that it should earn $4.90 to $5.20 per share in 2012.

The public can listen in on the 11 a.m. conference call by going to www.timken.com/investors.

Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.