The 2020 Mid-Year Economic Update_long

SKF Sales Sink 25% in 2Q

Bearing manufacturer sees sales drop 16.6% in first six months of 2020 as soft demand environment hits top-line performance.

Bearing manufacturer SKF (STO: SKFA) Goteborg, Sweden, reported sales for the second quarter of SEK 16.6 billion (US$1.9 billion), down 25% over the same period a year ago. Sales in both Europe and North America decreased by about 30% while sales in Asia were 10% lower compared to last year. Profit fell 73.7% to SEK 669 million (US$75.4 million).

Year to date, sales were SEK 36.7 billion (US$4.1 billion), down 16.6% over the prior year period. Profit for the first six months fell 43.5% to SEK 2.9 billion (US$330.9 million).

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