Bearings Maker SKF Boosts Year-Over-Year Profit in Q1 - Modern Distribution Management

Log In

Bearings Maker SKF Boosts Year-Over-Year Profit in Q1

SKF CEO Danielson expects sales to continue to grow in Q2 to reach pre-COVD levels
SKF building logo sign

Bearings manufacturer SKF (STO: SKFA), which is based in Goteborg, Sweden, reported sales for the first quarter increased by 8.6% year-over-year with net sales of SEK 19,865 million.

First-quarter operating earnings increased to 2.70 billion Swedish crowns ($321.6 million) versus 2.27 billion a year ago. SKF’s first quarter results were largely driven by a 16.7% increase in its automotive sector, which accounts for 30% of its group sales.

“Demand has increased gradually since the trough in the second quarter of 2020,” says SKF CEO Alrik Danielson. “Net sales is expected to continue to grow, reaching pre-COVID levels in the second quarter of 2021: i.e. in line with levels reported in the second quarter of 2019.”

Danielson says sales were significantly higher in Latin America and Asia, but relatively unchanged in Europe and North America.

After close to seven years as CEO, Thursday’s Q1 earnings report was Danielson’s last. In January, SKF announced Rickard Gustafson as its new president and CEO.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!


articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events



You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.