advertisement

---

On Monday, The Timken Co. reported third-quarter sales of $1.1 billion, a 17 percent increase compared with third-quarter 2003. The company also registered net income of $17.5 million compared with a $1.3 million loss last year.

"The continuing strength of this economic upturn was evident in the third quarter," said Timken President and Chief Executive Officer James Griffith in a prepared statement. "We have been challenged by the speed of the upturn in market demand and unprecedented high raw-material costs, but are actively addressing these issues to improve customer service and leverage the increased volume."

During the year's first nine months, Timken increased sales 20 percent to $3.3 billion and net income, more than 400 percent to $71.2 million compared with similar 2003 data.

As of Sept. 30, the company's net debt totaled $861 million or 42.9 percent of capital. The figure is higher compared with a net debt of $784 million on June 30 because of cash contributions to pension plans and working capital requirements. Timken officials expect the company's year-end net debt-to-capital ratio to be lower than last year's 39.3 percent.

Timken supplies the Timken® AP™, SP™ and AP-2™ tapered roller bearings, the HDL™ seal, and rail bearing grease, and offers bearing reconditioning services.