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Timken 4th-qtr profit falls 30 pct on weak demand
January 24, 2013 / 12:45 PM / 5 years ago

Timken 4th-qtr profit falls 30 pct on weak demand

Jan 24 (Reuters) - Timken Co, which makes industrial bearings and aircraft parts, reported a 30 percent fall in quarterly profit, hurt by lower demand and a sluggish global economy.

The company, which also makes steel and power transmission products, said total sales fell 14 percent to $1.08 billion in the fourth quarter.

Net income attributable to Timken fell to $75.3 million, or 78 cents per share, from $109.1 million, or $1.11 per share, a year earlier.

Timken has been under pressure from falling demand, especially in its auto and energy markets. The company cut production last year to match the lower demand.

Timken said it expects revenue to fall about 5 percent in 2013.

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