JACKSON TWP. — Timken Co. saw second-quarter revenue reach $1 billion and expects to see revenue growth through the end of the year, although the company’s outlook has been lowered.
The company reported profits of $92.5 million, or $1.20 per share, for the quarter that ended June 30. That’s a 1.6% gain compared to a $91 million profit, $1.16per share, last year. Sales increased 10.3% from $906.3 million reported in the second quarter of 2018.
Through the first half, net income was $184.4 million, $2.39 per share, which is a 7.7% gain from the $171.2 million, $2.17 per share, reported in 2018. First-half sales are $1.98 billion, a 10.6% gain from $1.79 billion last year.
Timken posted a strong performance during the second quarter, Richard G. Kyle, president and chief executive officer, said in a news release.
“Our recent acquisitions are performing well and contributing to our strong results,” Kyle said. “We continue to win in the marketplace with our differentiated products, engineering innovation and industry-leading customer service. And we remain focused on executing our strategy and profitably growing our enterprise.”
Kyle said the demand for Timken products and services supports the company’s outlook for continued growth during the second half of the year. The company does expect to see solid revenue growth, record earnings per share and strong cash flow.
“Softness in some markets like off-highway is being offset by our outgrowth efforts and strength in other markets like wind, solar and aerospace,” Kyle said in the release, adding that the company is “lowering our full-year outlook for both revenue and earnings to reflect a more cautious view.”
The results didn’t sit well with investors. Timken’s stock was down $2.76, or 5.7%, to 45.71 at the market's close Wednesday.