The Timken Co. reported lower revenue and net income for its third quarter, citing in part weaker customer demand.
The Jackson Township maker of bearings and power transmission products on Thursday said it had net income of $20.6 million, or 26 cents per share, on revenue of $657 million. That compares to net income of $63.4 million, or 75 cents per share, on revenue of $707.4 million a year ago.
Unfavorable currency translation lowered revenue by 1 percent, while sales fell 6 percent largely because of weak end markets, the company said.
Net income was lower from a year ago in part because the company said it had a large tax benefit in the 2015 third quarter.
Timken beat analyst expectations on income but fell short on revenue.
Shares were down $2.09, or 5.9 percent, to $32.89 as of 2:49 p.m. Shares are up 15.3 percent since Jan. 1 and are up 14.5 percent from a year ago.
“We performed well again this quarter, demonstrating our ability to navigate a challenging market environment,” Richard G. Kyle, president and chief executive officer, said in a statement. “While most industrial sectors remain weak, our earnings are on track for the year and we continue to focus on organic outgrowth initiatives, operational excellence and deploying capital to create shareholder value.”
The company expects 2016 revenue to be down 7 to 8 percent compared to 2015.
Timken also said it expects to earn $1.77 to $1.83 per share this year; adjusted earnings are expected to range from $1.92 to $1.98.