Timken sales down 8.3 percent
Weakness across most end markets and unfavorable currency resulted in a sales decline of 8.3 percent in the fourth quarter for Timken.
Sales of $655 million compared to $714 million in the same period a year ago.
In the quarter, Timken posted net income of $24.1 million or 31 cents per diluted share, versus a net loss of $35.7 million, or a loss of 44 cents per basic share, for the same period a year ago.
For 2016, sales were $2.7 billion or 7 percent lower than 2015. The decrease was primarily driven by weaker demand across industrial end markets and unfavorable currency, partially offset by growth in automotive and the net benefit of acquisitions and divestitures.
Net income was $152.6 million, or $1.92 per diluted share for the year, versus a net loss of $70.8 million, or a loss of 84 cents per basic share a year ago.