The 2020 Mid-Year Economic Update_long

SKF Sales Up 16.3% in 1Q

Profit decreases 8.6 percent year-over-year in the first quarter.

Swedish bearing manufacturer SKF (STO: SKFA) reported sales for the first quarter of SEK 19.5 billion (US$2.3 billion), up 16.3 percent over the same period a year ago. Profit decreased 8.6 percent to SEK 1.2 billion (US$138.8 million).

"All three business areas showed an increase in sales in local currencies," said Alrik Danielson, president and CEO. "Geographically, Asia continued to show a good growth followed by Europe and Latin America which were relatively unchanged while in North America the business slowed somewhat due to lower activity in some of our key industries."

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