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Rail News Home Financials

10/27/2008



Rail News: Financials

Updates from Timken, Interfleet Technology, The Andersons and FreightScan


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• Bearing supplier The Timken Co. reported third-quarter sales of $1.5 billion, up 18 percent compared with third-quarter 2007 sales. Income from continuing operations more than tripled to $130.4 million or $1.35 per diluted share. Excluding special items, income from continuing operations soared 179 percent to $135.8 million or $1.41 per diluted share. Earnings exceeded the company’s prior estimate of $1.00 to $1.10 per share.

• Interfleet Technology announced Chris Heald and Jim Snowdon have joined the international rail consultancy firm as principal consultants. Most recently project manager and head of rail vehicle projects for the Toronto Transit Commission, Heald will be based in Interfleet’s Philadelphia office. He previously served as fleet performance manager and engineering manager for Virgin Cross-Country, and technical services manager for Merseyrail Electrics, and held various posts at British Rail. Snowdon will head Interfleet’s light-rail practice and be based in London. He previously was chief engineer for Tramtrack Croydon Ltd. and rolling stock engineer for Docklands Light Railway.

• The Andersons Inc. elected Gerard Anderson to the board, effective Dec. 19. He will fill a seat vacated by Sidney Ribeau, president of Howard University, who served on board since 1998. Anderson is president and chief operating officer of DTE Energy. The Andersons operates a rail-car leasing and repair division.

 • FreightScan L.L.C. has appointed Larry Fullerton chief scientist. He previously was chief scientist for Midsouth Technology Inc., and held engineering positions at Texas Instruments, Computer Sciences Corp. and ITT Telecommunications. In 1987, Fullerton founded Time Domain Corp., which developed ultra-wideband products, such as foliage penetrating radar, intrusion detection systems, and location and tracking systems. FreightScan provides technology services to the freight and logistics industry.