Canton, Ohio- based Timken joins heavy-equipment maker Caterpillar Inc and toolmaker Kennametal Inc in citing weakness in the mining sector as a drag on profit. Kennametal cut its organic sales growth estimate to 2-4 percent from 4-6 percent due to weak conditions in underground mining in the United States and China.
Jan 30- Timken Co, which makes specialty steel and ball bearings, posted a 30 percent fall in quarterly profit, hurt by weak demand from several customers, including the mining industry. The company's net income fell to $52.6 million, or 55 cents per share, in the fourth quarter ended Dec. 31 from $75.3 million, or 78 cents per share, a year earlier.
Dec 4- SPX Corp, which has been under pressure from its largest shareholder to boost its stock price, said it would sell its entire stake in an electrical equipment joint venture to partner Emerson Electric Co for $571 million. Ingersoll-Rand Plc has spun off its security business, while Timken Co is hiving off its steel division.
*Says weakness in mining and India main culprits. The Columbus, Indiana- based company said sales of all its products had also contracted sharply in India in the most recent quarter as a result of declining business confidence and manufacturing activity there.
CHICAGO, Oct 29- Cummins Inc, the U.S. maker of engines and other vehicle components, reported lower-than-expected quarterly profit on Tuesday and cut its full-year outlook, citing weak demand in most of its markets, including mining.
Oct 24- Timken Co reported a lower-than-expected quarterly profit on Thursday and cut its full-year outlook yet again, citing a "slower-than-expected economic recovery" that it said had depressed demand for its ball bearings and specialty steel across all markets.
Oct 24- Timken Co on Thursday reported a lower quarterly profit and cut its full-year outlook yet again, citing a "weaker-than-expected economic recovery" that it said had depressed demand for its ball bearings and specialty steel across all markets.
Oct 24- Timken Co on Thursday reported a lower quarterly profit and cut its full-year outlook yet again, citing weak demand for its ball bearings and specialty steel across all markets. The Canton, Ohio- based company posted a third-quarter profit of $52.2 million, or 54 cents a share, down from $80.9 million, or 83 cents a share, in the comparable period last year.
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