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Operator
Good morning. My name is Anna, and I will be your conference operator today. [Operator Instructions]
At this time, I would like to welcome everyone to Timken s First Quarter Earnings Release Conference Call. [Operator Instructions] Mr. Frohnapple, you may begin your conference.
Neil Frohnapple
Director of Investor Relations
Thanks, Anna, and welcome, everyone, to our First Quarter 2021 Earnings Conference Call. This is Neil Frohnapple, Director of Investor Relations for The Timken Company. We appreciate you joining us today. Before we begin our remarks this morning, I want to point out that we have posted presentation materials on the company s website that we will reference as part of today s review of the quarterly results. You can also access this material through the download feature on the earnings call webcast link. With me today are The Timken Company s President and CEO, Rich Kyle; and Phil Fracassa, our Chief Financial Officer.
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NORTH CANTON, Ohio, Feb. 4, 2021 /PRNewswire/ The Timken Company (NYSE: TKR; www.timken.com), a world leader in engineered bearings and power transmission products,
today reported fourth-quarter 2020 sales of $891.7 million, down 0.5 percent from the same period a year ago, as the net impact of lower demand offset the favorable impact of acquisitions, currency translation and pricing.
Timken posted net income of $53.1 million or $0.69 per diluted share in the fourth quarter, versus net income of $113.5 million or $1.48 per diluted share for the same period a year ago. The year-over-year decrease in GAAP net income was primarily driven by the net unfavorable impact of special items (detailed in the attached tables), including pension remeasurements and discrete taxes.