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Bearings manufacturer SKF reported sales were down 2.7% in the first quarter 2010 to SEK14.44 billion (US$2.1 billion) from the prior-year period. Profit was SEK1.07 billion (US$149.5 million) for the quarter, an improvement from the prior-year period.
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The decrease in sales was attributable to: volume 5.3%; price/mix -0.3%; and currency effects -7.7%.
Demand improved for SKF for the first quarter 2010, particularly in the automotive business. The manufacturer saw stronger results in Asia and Latin America and some improvement in North America. Europe remains weak, excluding automotive business, the manufacturer reported.
SKF expects demand to pick up in Europe and North America; the manufacturer also expects "significantly higher" demand in Asia and Latin America significantly higher. It is expected to be slightly higher for the Industrial Division and significantly higher both for the Service Division and Automotive Division.
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