Swedish SKF's net profit drops in the third quarter

STOCKHOLM, SWEDEN: Swedish ball bearing manufacturer SKF announced a decrease of its net profit in the third quarter, amid lower-than-expected sales in its industrial business.

Image: SKF
Image: SKF

he company's earnings shrank by 8% to 1.123bn kronor (€128m) compared with the same period last year and fell short of the 1.27bn kronor profit expected by analysts interviewed by Dow Jones Newswires.

This is the eighth consecutive quarter showing a decline in year-on-year earnings.

"SKF sales in the quarter developed well within our automotive business but were somewhat lower than expected in our industrial business," chief executive Tom Johnston said.

Sales climbed by 1% to 15.623bn kronor.

"We see a positive development in our aerospace, renewable energy and railway businesses. However, we see some lack of traction in a number of other industrial markets," Johnston added.

SKF expects to "rapidly" close the US$1.25bn acquisition of American bearing manufacturer Kaydon Corporation, which it announced last September.

Source: AFP via I-Net Bridge



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