Swedish manufacturer SKF reported sales for the third quarter of SEK 15.6 billion (US$2.4 billion), an increase of 0.8 percent compared to the same period a year ago. Profit decreased 6.9 percent to SEK 1.2 billion (US$184.5 million).
Sales in the third quarter in local currencies and excluding structure increased by 1 percent in Europe, by 9 percent in Latin America, by 5 percent in Asia and by 8 percent in Middle East and Africa. In North America they decreased by 2 percent.
Tom Johnstone, president and CEO, said sales in the quarter developed well within its automotive business but were somewhat lower than expected on the industrial side. "Within industrial we see a positive development in our aerospace, renewable energy and railway businesses," he said. "However, we see some lack of traction in a number of other industrial markets – not getting worse but not getting better yet either."
The automotive business, Johnstone said, benefitted from an improved demand and better mix of sales particularly within trucks and the vehicle service market.
For the first nine months, sales for SKF were SEK 47.2 billion (US$7.3 billion), an increase of 4.9 percent compared to the same period a year ago. Profit decreased 19.2 percent to SEK 3.1 billion (US$476.6 million).
Nine-month sales in local currencies and excluding structure decreased by 4 percent in Europe and North America, by 3 percent in Asia and are relatively unchanged in Middle East and Africa. In Latin America they increased by 10 percent.
