With me today are Jim Griffith, President and CEO; Glenn Eisenberg, Executive Vice President of Finance and Administration and CFO; Rich Kyle, President of our Mobile and Aerospace and Defense businesses; Chris Coughlin, President of Process Industries; Sal Miraglia, President of Steel. We have remarks this morning from Jim and Glenn, and then all of us will be available for Q&A. [Operator Instructions]
Before we begin, I'd like to remind you that during our conversation today, you may hear forward-looking statements related to future financial results, plans and business operations. Actual results may differ materially from those projected or implied due to a variety of factors. These factors are described in a greater detail on today's press release and in our reports filed with the SEC, which are available on our website, www.timken.com. Reconciliations between non-GAAP financial information and its GAAP equivalent are included as part of the press release. This call is copyrighted by the Timken Company. Any use, recording or transmission of any portion without the express written consent of the company is prohibited.
With that, I'll turn the call over to Jim.
James W. GriffithThanks, Steve, and good morning, everyone. As you saw in our release, Timken reported a very solid second quarter. We posted revenues of $1.3 billion, in line with the second quarter of last year as the impact of our acquisitions offset the weakness in some market segments.Our profitability remains strong, continuing to demonstrate the improved earnings power of the new Timken Company. Having said that, many companies are reporting a slowing of the global economy, and in the second quarter, we began to feel the impact. North America remains our strongest market. We continue to see growing demand in the railroad, energy and mining sectors and in the aftermarket. But we saw a tempering of that growth toward the end of the second quarter and anticipate further slowing in the last half of the year. Our customers are managing the situation very well, taking conservative positions with their inventory levels. This is translating into a general slowness for Timken rather than a dramatic reduction.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV