The 2020 Mid-Year Economic Update_long

SKF Sales Up 9.5% in 2Q

Profit increases 14 percent year-over year in 2Q.

Swedish bearing manufacturer SKF (STO: SKFA) Goteborg, Sweden, reported sales for the second quarter of SEK 17.9 billion (US$2.6 billion), up 9.5 percent over the same period a year ago. Profit increased 14 percent to SEK 2.1 billion (US$307.6 million).

“While the business mix remained somewhat negative the steps we are taking to improve the price/mix gave positive results,” said Tom Johnstone, president and CEO. “Our cost reduction program is also delivering the expected results and additional activities were announced in the quarter.”

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

Year to date, sales were SEK 34.7 billion (US$5.1 billion), up 10 percent over the prior year period. Profit grew 28 percent to SEK 2.5 billion (US$367.3 million).

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