News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Akron BioInnovation

Lehmans


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


Surviving the first quarter is just one of Timken's challenges
Pushed by institutional investors, shareholders will vote in two weeks on whether to split the company
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
Timken Co. made its name on roller bearings, and developed its steel business to support that.
Courtesy of Wikimedia Commons
Download (WKSU Only)
In The Region:

The Timken Company’s first-quarter earnings show its sales are struggling because of cutbacks in the mining and drilling industries. But the company sees better prospects for the rest of the year. And, as WKSU’s M.L. Schultze reports, that could be important when shareholders vote in two weeks whether to split the more than century-old company.

SCHULTZE: Timken earnings and shareholder votes

Other options:
Windows Media / MP3 Download (1:23)


Timken’s first-quarter earnings report shows sales in its bearings, steel and aerospace businesses totaled $1.1 billion – down 23 percent from the boom first quarter of a year ago. Specialty steel sales were off the most, 35 percent – hurt by lower commodity prices and a ratcheting back by the oil- and-gas industries.

All of this comes as two major investors, the California State Teachers Retirement System and Relational Investors, are pushing to split Timken’s steel and bearing businesses into separate companies.

Stanley Elliott is an analyst with Stifel Financial. He notes that Timken did eke out a small profit despite major challenges.

“I think it was a reasonable quarter," Elliott said. "I think it was important that they, from their perspective, felt confident to affirm the full-year outlook, because ... with the vote coming up in two weeks, had they not been able to successfully manage this part of the downturn, that would have been more ammunition for those who are looking to split the company into two.”

But about the same time the earnings report appeared, a company called Institutional Shareholder Services provided a bit more of that ammunition. It’s advising shareholders to approve the split, though it acknowledges that something the Timken board will be unlikely to carry through, for now.

 

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Bridgestone exec indictments are latest step in a billion-dollar price-fixing case
Why is O.P.E.C Not investigated and charges brought against it and it's member companies? It sounds exactly the same...

Ohio's new drilling rules rely on known earthquake faults
requiring drillers to place seismic monitors when they drill within 3 miles of known fault lines. This comment really upsets me!! What good does an instrument t...

Kasich's gubernatorial ad focuses on his blue-collar roots
John Kasich is the biggest con-man in America. He will say one thing and then do the opposite. He is terribly successful at fooling the public and he is worki...

Cab drivers who refuse to drive Gay Games taxis will be replaced
the irony is that most americans distrust or hate muslims much more than they hate gays!! silly ignorant bigots-GO HOME!!!

New transportation companies come to Cleveland
Ride-sharing companies are breaking laws and regulations every day. From regulatory fee evasion to use of smartphone while driving (and even two smartphones(!) ...

Cleveland anti-poverty agency executive resigns amid financial probe
That committee won't be too independent. He plans to stay on until after the new appointee is chosen.

How can you wipe a criminal record clean?
Great article! NO CLINIC in May 2014, however, because it's graduation month for students For the next dates of the FREE Legal Clinic to help with Expungment,...

Drilling remains suspended while ODNR investigates NE Ohio earthquakes
Flaring and lights, so has all been halted? Also, smell of HS2 and sounds of an auger/drilling/water rushing underground. So, has all been halted? In light of t...

Will the Ohio River carry fracking wastewater?
Texas $ vs. WV citizens . Who will our governor listen to?

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University