The 2020 Mid-Year Economic Update_long

SKF Sales Down 11.6% in 3Q

Bearings manufacturer sees sales drop 14.7% in first nine months of 2020 as soft demand environment continued to hit the company’s top-line performance.
SKF 3Q 2020

Bearings manufacturer SKF (STO: SKFA) Goteborg, Sweden, reported sales for the third quarter of SEK 18.6 billion (US$2.1 billion), down 11.6% over the same period a year ago. Profit fell 16% to SEK 1.9 billion (US$220 million).

Sales in Europe dropped 12.5%, sales in North America decreased 11.9% and sales in Middle East & Africa declined 2.9%, while sales improved in Latin America (4.6%) and Asia (7.2%).

Year to date, sales were SEK 55.3 billion (US$6.3 billion), down 14.7% over the prior-year period. Profit for the first six months fell 35.1% to SEK 4.9 billion (US$460 million).

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