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Timken profit slumps as demand from mining industry falls
January 30, 2014 / 12:50 PM / 4 years ago

Timken profit slumps as demand from mining industry falls

Jan 30 (Reuters) - Timken Co, which makes specialty steel and ball bearings, posted a 30 percent fall in quarterly profit, hurt by weak demand from several customers, including the mining industry.

The company’s net income fell to $52.6 million, or 55 cents per share, in the fourth quarter ended Dec. 31 from $75.3 million, or 78 cents per share, a year earlier.

Revenue fell about 2 percent to $1.06 billion.

Timken said it expected sales to rise about 6 percent in 2014 from $4.3 billion in 2013.

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