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Great expectations from SKF as profit reach expectations

Thursday, 19 April 2012
Bearings manufacturer SKF reports earnings in line with expectations. CEO Tom Johnstone paints, however, an unexpectedly bright picture of the situation.

Bearings manufacturer SKF's annual sales of Skr16 931 million in the first quarter was higher than expected Skr16.635 million and it was also higher than in the corresponding period last year (Skr16 702 million).

The net profit was Skr1341 million, compared with analysts' expectations for Skr1356 million and Skr1620 million in the first quarter last year.

Profit before tax was Skr1981 million, which was basically what analysts had expected in their compilation (Skr1978 million).
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