The 2020 Mid-Year Economic Update_long

SKF First-Quarter Sales Down 10.5%

Sales in all regions except Latin America declined.

Swedish manufacturer SKF reported sales for the first quarter of SEK 15.2 billion (US$2.3 billion), a decline of 10.5 percent. Profit fell to SEK 818 million (US$125.9 million).

Sales in the first quarter in local currencies and excluding structure decreased by 10 percent both in Europe and North America, by 7 percent in Asia and by 6 percent in Middle East and Africa. In Latin America they increased by 8 percent.

“There is continued uncertainty and cautiousness in the market place and this impacted our sales more than expected especially in our industrial businesses and in North America. The acquisition of Blohm + Voss Industries was completed in the first quarter and will strengthen our position in the marine industry … Going forward, it is not easy to give a demand outlook due to all the mixed signals in the economy. However, while demand in the second quarter is expected to be unchanged sequentially and lower year on year I feel that as we go through the quarter we will start to see a slowly improving business," said Tom Johnstone, president and CEO.
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