Timken's fiscal 2022 third quarter down 1.25% year over year

TIMKEN reported third-quarter 2022 sales of $1.14 billion, up 9.6 percent from the same period a year ago. The increase was driven primarily by growth across most end-market sectors led by industrial distribution and off-highway, and the impact of higher pricing, partially offset by unfavorable foreign currency translation. Organically, third-quarter sales were up 13.6 percent versus the prior year.

Timken posted net income in the third quarter of $87.0 million or $1.18 per diluted share. This compares to net income of $88.1 million or $1.14 per diluted share for the same period a year ago. The slight year-on-year decrease in net income reflects the net unfavorable impact of special items (detailed in the attached tables), higher operating costs and a higher tax rate, offset by positive price/mix and the favorable impact of higher volume. Current-period special items include an impairment charge related to the anticipated divestiture of the company's Aerospace Drive Systems (ADS) business.

Excluding special items, adjusted net income in the third quarter was $112.6 million or $1.52 per diluted share, a record for the third quarter. This compares to adjusted net income of $91.0 million or $1.18 per diluted share for the same period in 2021.

The Timken Company was founded in 1899 by Henry Timken. Henry Timken have two patents on tapered roller bearing designs. Timken has grown to become the world's largest manufacturer of tapered roller bearings and has used its expertise to further expand its bearing portfolio to include thrust bearings, cylindrical bearings, spherical bearings, Ball bearings, plain bearings, needle roller bearings and precision balls.

Building on its design capabilities and technical knowledge, the company has earned a reputation as a global leader and applies its knowledge of metallurgy, friction management, and mechanical energy transmission to improve the reliability and efficiency of customers' equipment, increasing the Productivity, uptime and performance across a range of applications and markets.

The company's product portfolio includes energy transmission parts and systems, well-engineered surfaces and coatings, lubricants and seals, and after-sales services including bearing and gearbox rebuilds and repairs.

TIMKEN Bearings also manufactures helicopter transmissions, high-performance precision alloy rebar and seamless mechanical tubing, as well as machined and semi-machined steel components to precise specifications to meet customers' growing demands for reliability and efficiency.