SKF reported sales increased 7.4% to SEK16.1 billion (US$2.7 billion) for the second quarter of 2008. Sales for the first six months were up 8% to SEK31.7 billion (US$5.3 billion).
Profit was SEK1.4 billion (US$233 million). For the first six months, profit totaled SEK 2.7 billion (US$450 million).
The sales increase for the quarter was attributable to: volume, 6.2%; structure, 1.3%; price and mix, 4%; and currency effects, -4.1%. For the first six months, volume attributed 5.6%; structure, 1.2%; price and mix, 3.9%; and currency effects, -2.7%.
Sales were significantly higher in Europe, Asia and Latin America. Sales in North America were relatively unchanged. Manufacturing level for the quarter was slightly higher that the first quarter 2008.
SKF reports that demand for its products and services is expected to be higher in third quarter 2008 for all regions except North America. In North America, demand is expected to decline. SKF plans to maintain the current manufacturing level through the next quarter.