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UPDATE 1-Timken's profit hurt by lower demand for ball bearings
July 31, 2014 / 12:51 PM / 3 years ago

UPDATE 1-Timken's profit hurt by lower demand for ball bearings

(Adds details from statement)

July 31 (Reuters) - Timken Co reported a lower-than-expected quarterly profit, hurt by a fall in demand for its ball bearings and power transmission components from the automotive and mining industries.

Sales in Timken’s mobile industries business, which supplies ball bearings and power transmission components for light- and heavy-duty vehicles, fell about 5.4 percent to $370.8 million.

The company forecast a full-year sales decline of 2-4 percent in its mobile industries business, due to an estimated $110 million drop in revenue in the light-vehicle sector.

Net income attributable to Timken fell to $62.7 million, or 68 cents per share, for the second quarter ended June 30, from $82.8 million, or 86 cents per share, a year earlier.

Excluding items, the company earned 65 cents per share.

Revenue fell slightly to $789.2 million from $791.3 million a year earlier.

Analysts on average expected the company to earn 67 cents per share, on revenue of $800.1 million, according to Thomson Reuters I/B/E/S.

The Canton, Ohio-based company’s shares closed at $46.50 on the New York Stock Exchange on Wednesday. (Reporting by Abinaya Vijayaraghavan and Ankit Ajmera in Bangalore; Editing by Joyjeet Das and Simon Jennings)

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