|
|
 |
| |
|
Home > Fortune 500 Companies > Timken Co
Timken Co
Timken Co is a publicly traded company having a good stock performance result. Timken Co is a fortune 500 stock listed company trading under TKR.
The story of The Timken Company starts at a point where traditional success stories usually end, at the conclusion of a long and profitable career. This was when Henry Timken, a 19th century visionary and innovator in carriage manufacturing, patented the tapered roller bearing, in 1898. The following year, he formed a company to produce his innovation. Through a century, the company grew to make bearings of all types, specialty steel and a collection of related products and services. That growth has included a number of acquisitions, the largest of which was The Torrington Company, in 2003. Today, The Timken Company is a global leader in friction management and power transmission. Their sales have grown to 4.5 billion dollars with 26,000 associates in 27 countries.
The Timken Company today announced record sales of 5.2 billion dollars, up 15 percent from a year ago. Their net income in 2005 increased sharply to a record 260.3 million dollars, or 2.81 dollars per diluted share, from 135.7 million dollars, or 1.49 dollars per diluted share, last year. Excluding the impact of special items, the company reported adjusted 2005 net income of 234.2 million dollars or 2.53 dollars per diluted share, compared to 122.3 million dollars or 1.35 dollars per diluted share in 2004. These special items include the benefits received under the Continued Dumping and Subsidy Offset Act, partially offset by charges related to restructuring and rationalization of operations.
For the quarter ended December 31, 2005, sales were 1.3 billion dollars, an increase of 8 percent from a year ago. Sales across all 3 business groups improved from the fourth quarter of 2004. Earnings per diluted share for the fourth quarter were 1.01 dollars, compared to 0.71 dollars in the same period a year ago.
Industrial Group sales in the 2005 fourth quarter increased to 491.9 million dollars, up 10 percent from the prior year with continued market strength. EBIT was 41.9 million dollars, down from 47.6 million dollars a year ago. The positive impact of improvements in volume and mix were more than offset by higher manufacturing costs associated with the ramping up of capacity to meet customer demand, investments in project one and Asia growth initiatives, and a write-off of obsolete and slow-moving inventory.
Back to Fortune 500 Companies
|
|
|
|
|
|
|