Timken Reports Q4 EPS of $.87 vs. $.71

The Timken Company TKR today reported sales of $4.1 billion for 2010, an increase of 29 percent from the prior year. Light-vehicle demand provided an early boost in sales and remained strong throughout the year. For the quarter ended Dec. 31, 2010, Timken reported sales of $1.1 billion, an increase of 38 percent from the same period in 2009. The increase reflects strengthening global demand across most of the company's end markets, higher surcharges and pricing. In the fourth quarter of 2010, the company generated income from continuing operations of $0.87 per diluted share net of non-controlling interest, compared with a fourth-quarter loss of $0.08 per share in 2009. Special items recorded in the fourth quarter totaled $0.13 per share of income, including a one-time tax benefit related to the VEBA trust. That benefit was partially offset by restructuring charges.