The 2020 Mid-Year Economic Update_long

SKF Sales Up 13.9% in 3Q

Profit increases 7.8 percent year-over year in third quarter.

Swedish bearing manufacturer SKF (STO: SKFA) Goteborg, Sweden, reported sales for the third quarter of SEK 17.8 billion (US$2.5 billion), up 13.9 percent over the same period a year ago. Profit increased 7.8 percent to SEK 2.1 billion (US$292.4 million).

"Demand was slightly lower than expected during the quarter, particularly in Europe and within our automotive business," said Tom Johnstone, president and CEO. "As a result manufacturing was adjusted lower than planned at the start of the quarter impacting our results but ensuring we also reduced inventory in fixed currency."

Sales in the third quarter in local currencies and excluding structure increased by 2 percent in Europe, 3 percent in North America, 1 percent in Latin America, 11 percent in Asia and 14 percent in Middle East and Africa.

Year to date, sales were SEK 52.5 billion (US$7.3 billion), up 18.2 percent over the prior year period. Profit grew 28 percent to SEK 6.2 billion (US$863.1 million).

About the Author
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.

By subscribing, you are agreeing to MDM’s Privacy Policy.


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


articles left

This is your last free article

Subscribe to MDM Premium today and 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.