Ohio-based Timken said that its sales in the fourth quarter of last year totaled US$1.1 billion, falling by 15% year on year because of lower demand for its light vehicle, heavy truck, mining and energy from the end users and the lower surcharges.
In the fourth quarter of last year, Timken realized net incomes of US$75.3 million, much lower than US$109.1 million in the same period of a year ago.
Meanwhile, Timken posted sales of US$5 billion for 2012, falling by 4% year on year, caused by lower demand. At the same time, the firm’s net incomes amounted US$495.5 million in 2012, falling from US$454.3 million in the previous year.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=62785&division=A6
