(WHBC) – The Timken Company is reporting strong fourth-quarter and full-year 2018 results.
The company says its fourth-quarter 2018 sales of $910.1 million is an increase of 17 percent from the same period a year ago.
For 2018, sales were $3.6 billion, up 19.2 percent compared with 2017.
The company says the increase was driven by broad organic growth across most end-market sectors, as well as the favorable impact of acquisitions and pricing.
In the fourth quarter, Timken posted net income of $60 million, versus net income of $29.2 million for the same period a year ago.
For 2018, net income was $302.8 million compared to net income of $203.4 million a year ago.
The year-over-year improvement was driven in part by higher volume and favorable price/mix, partially offset by higher material and manufacturing costs including tariffs.
“Our relentless focus on winning with customers with innovative problem solving and industry-leading customer service helped us deliver market outgrowth across multiple sectors during the year,” said Richard G. Kyle, Timken president and chief executive officer.
“The execution of our strategy, along with our consistent and deliberate approach to capital allocation has positioned us to deliver even higher levels of performance going forward.”
He says the company expects to see continued growth in 2019.
The Timken Company, headquartered in North Canton, is a world leader in engineered bearings and power transmission products.