Timken announces first-quarter sales increase

Bearings manufacturer Timken has reported sales of $1.3bn in the first quarter of 2011, representing an increase of 37 per cent over the same period a year ago.

According to Timken, this sales increase reflects stronger global demand across most of the company’s end markets, as well as higher material surcharges and pricing.

The company generated record first-quarter income from continuing operations of $112.7m, or $1.13 per diluted share, net of non-controlling interest, compared with $28.3m, or $0.29 per share, in 2010.