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Swedish manufacturer SKF reported second quarter 2009 sales of SEK 14.2 billion (US$1.8 billion), a decrease of 11.9% from second quarter 2008. Profit declined 76.4% to SEK 323 million (US$41.6 million).
Year-to-date sales were SEK 29.0 billion (US$3.7 billion), down 8.4% from the first half of 2008. Profit declined 73.1% to SEK 717 million (US$92.3 million).
"While the decline in demand was dramatic compared to last year, the sequential trend for the group shows signs of leveling off," says Tom Johnstone, president and CEO. "The manufacturing level was even lower than sales, resulting in a further reduction in our inventories. The manufacturing level will continue to run lower than sales."
Results include expenses of SEK 480 million for restructuring activities announced during the second quarter.
Compared to last year, demand is expected to be significantly lower in the third quarter when compared to last year. However, compared to the second quarter, demand is expected to remain relatively unchanged for the SKF Group across divisions.