NSK Ltd. 3Q Sales Increase 1.6%

NSK Ltd., Osaka, Japan, reported sales for the third quarter ended Dec. 31, 2009, were ¥155.7 billion (US$1.74 billion), an increase of 1.6% over third quarter a year ago. The manufacturer of bearings, automotive products, precision machinery and parts, and mechatronic products recorded a third-quarter profit of ¥3.34 billion (US$37.39 million), compared to a loss of ¥598 million in the prior year period.

For the nine months ended Dec. 31, sales were ¥413.6 billion, down 22.9% in a year-over-year comparison. The manufacturer recorded a loss of ¥2.55 billion, compared to profit of ¥17.06 billion a year ago.

Sales in the industrial machinery bearings business for the first nine months totaled ¥118.6 billion, a year-on-year decrease of 30.4%, primarily a result of the global recession. Operating income for the segment was ¥2.28 billion, down 89%.

Automotive products sales were ¥260.0 billion, a year-on-year decrease of 12.1%. Operating income was ¥10.48 billion, down 14.8%.

Nine month sales in the precision machinery and parts segment declined 53.7% to ¥21.52 billion. The segment recorded an operating loss of ¥6.46 billion for the period, compared to operating income of ¥2.60 billion a year ago.