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Negative currency effects of 10.8 percent were more than offset by higher volume (20.1 percent), improved structure (5 percent) and positive price/mix (1.3 percent).
"During the quarter we saw no real impact in terms of demand or supply from the terrible tragedy in Japan," said Tom Johnstone, president and CEO. "However we do expect to see some negative effect in the second quarter primarily in our sales to the car industry although this is very difficult to quantify."
Industrial division sales for the first quarter were SEK 1.2 billion (US$192.5 million), an increase of 25.3 percent in a year-over-year comparison. Organically, sales increased 20.8 percent.
The services division saw sale increase 12.9 percent to SEK 5.7 billion (US$914.4 million). Organically, sales increased 22.5 percent.
Sales in the automotive division increased 7.8 percent to SEK 4.7 billion (US$753.9 million). The division reported organic growth of 19.8 percent.