The Timken Company, based in Canton, delivered some bad news to investors on Wednesday, even though officials were expecting the results from their 1st-quarter 2013 earnings report to level off.
Compared to last year's 1st quarter, Timken's sales fell about 23-percent, and earnings dropped 51-percent. CEO Jim Griffith told investors the decrease in demand for oil and gas drilling and industrial products led to the lower results.
The company's steel sector alone saw sales fall 35-percent.
The drop was across all three of their markets, with North America the steepest decline of 25-percent in sales.
As a results, Griffith and his financial team projected sales for the remainder of the year to fall about 5-percent. All four of their operating sectors are expected to maintain double-digit operating margins for 2013.