We’re approaching the second half of 2019 with a lot of optimism at Timken. Our recent acquisitions are performing well. We’re growing in multiple end markets and regions. And we’re maintaining our focus on operational excellence so we can continue to deliver extraordinary value and service for our global customers.
So far this year, we’ve built on the momentum we achieved during our record-breaking 2018 by delivering an excellent first quarter. Our relentless focus on profitably growing the business and managing our costs has put us in an excellent position for another record year in 2019.
Our performance is being driven, in part, by solid showings from the strategic acquisitions we made last year—namely ABC Bearings, Cone Drive and Rollon. We’re also expecting a boost from Diamond Chain, which we acquired earlier this year. By combining Diamond Chain with our existing Drives chain business, we’ve expanded our leadership in industrial high-performance roller chain, built on our strong position in industrial distribution and added depth to our manufacturing capabilities in Asia.
Our focus on new markets and geographic expansion is another reason for our optimism. We’re expanding our business in profitable and fast-growing markets like wind, solar and food and beverage and in places such as China and India.
Wind energy alone now accounts for more than 4 percent of our total company revenue, with shipments of more than $1 billion over the last 10 years and a growing aftermarket component. And we anticipate continued growth in 2019.
China was a big contributor to our growth in the first quarter. And with China and India leading the way, first quarter 2019 revenue in the Asia-Pacific region was up 12 percent overall. Along with wind energy, our distribution, heavy industries and rail sectors helped drive growth across the continent.
Another area that’s really picked up for us is aerospace. We saw strong growth in the aerospace sector in the first quarter and we expect that trend to continue throughout the year.
All these things—combined with our continued focus on driving profitable growth, operational excellence and optimal capital deployment—are contributing to our optimistic outlook. And importantly, we continue to move the world forward doing business the right way. In February, Ethisphere Institute recognized us as one of the World’s Most Ethical Companies for the ninth time. This honor highlights our commitment to making the world a better place through our products, services and actions, and doing the right thing every day, everywhere we do business.
As we look to the balance of the year, we see plenty of opportunities for Timken to profitably grow in 2019. We’ve built an outstanding portfolio of businesses designed to provide a full range of bearing and power transmission products for our customers. We’re committed to executing a solid strategy. We’re focused on building a diverse, less-cyclical and faster-growing company. And we’re optimistic about our ability to deliver “next-level performance.”
Thanks to our more than 18,000 associates who are the best at what they do, Timken has earned a reputation for quality and excellence all around the globe. And we’re working hard to move the world forward in 2019.
Certain statements in this story (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company's future financial performance are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including changes in global financial markets or the specific markets the company serves. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2018, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Philip D. Fracassa is executive vice president and chief financial officer at The Timken Company.