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Swedish manufacturer SKF reported sales declined 4.8% to SEK 14.8 billion (US$1.7 billion) in the first quarter of 2009. Profit fell 69.6% to SEK 394 million (US$46.2 million).
We saw a very significant drop in our sales volumes in the first quarter and reduced our manufacturing level even more, said Tom Johnstone, president and CEO. "Looking at the second quarter we expect to see a similar level of decline in volume year on year as we saw in the first quarter. However, we can see that the speed of decline sequentially is reducing which indicates that demand may be leveling out".
The decrease of 4.8% in net sales for the quarter, in SEK, was attributable to: volume -26.9%, structure 1.4%, price/mix 7.1% and currency effects 13.6%.