Canton, Ohio-based The Timken Company reported Wednesday sales of $1.1 billion for Q1 2013, down 23 percent year-on-year. The decline reflects lower demand across most of the company's end markets led by oil and gas, industrial distribution and off-highway market sectors, partially offset by acquisitions and improved pricing. In addition, steel surcharges declined $72 million from the prior-year quarter.
Timken generated income in Q1 of $75.1 million, compared with $155.7 million during the same period a year ago. In Q1, Mobile Industries' sales of $397.1 million decreased 15 percent compared to last year's first-quarter sales of $469.1 million. Process Industries' Q1 sales were $285.2 million, down 20 percent from $355.6 million for the same period a year ago. Sales for Steel, including inter-segment sales, were $346.1 million in Q1, a decrease of 35 percent from $535.5 million for the same period last year.
For the full year, The Timken Company expects sales in Mobile Industries' to be down 5 to 10 percent for the year due to the impact of lower customer demand driven by the company's market strategy. Process Industries' sales are poised to be relatively flat, based on a second-half recovery in Asia and industrial distribution; Meanwhile, sales in Aerospace will likely be up 7 to 12 percent, due to increased demand in civil and defense as well as critical motion control end markets and Steel sales are expected to be down 7 to 12 percent, driven by lower oil and gas as well as industrial end-market demand and surcharges.
