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Swedish manufacturer SKF reported sales for the third quarter of SEK 15.5 billion (US$2.35 billion), down 6 percent from the same period a year ago. Profit fell 23.5 percent to SEK 1.27 billion (US$192.7 million).
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For the first nine months of 2012, sales were SEK 49.6 billion (US$7.5 billion), down slightly year over year. Profit declined 23 percent to SEK 3.9 billion (US$591.6 million).
In Europe, third-quarter sales decreased by 7 percent and in Asia by 11 percent. Sales increased in North America and Latin American by 5 percent and 8 percent, respectively. In Middle East and Africa, year-over-year sales were relatively unchanged.
“The macro economic development and increasing uncertainty which was evident during the last few months has clearly influenced our business," said Tom Johnstone, president and CEO. "Our sales weakened as we went through the quarter and this was mainly seen in many of our industrial markets as well as in the European and particularly in the Asian region."