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SKF's impressive performance - A mixed baggage

Tuesday, 16 July 2013
Swedish Ball bearing manufacturer SKF reports a profit before taxes including non-recurring items of SEK 1.627 million for the second quarter of 2013.
Analysts had in average expected a profit before tax of Skr1.498 million, according to Swedish analysts.

SKF's sales were at Skr16.392 million. Analysts had expected sales of Skr15.895 million. Operating result including non-recurring items amounted to Skr1.837 million. Here was Skr1.694 billion was expected.

SKF's manufacturing grew in the second quarter, and the company will remain at the same level in the third quarter.

CEO Tom Johnstone in his commentary on Tuesday's semi-annual report writes that demand was slightly better in the quarter than SKF expected in April, and this combined with austerity measures raised operating margins sequentially.

"While the macroeconomic situation continues to be uncertain, the demand is expected to remain at the same level in the third quarter, which means slightly higher compared to the same quarter last year, "he writes on.

The profitability of the automotive business reported to develop in the right direction, "both as a result of vigorous efforts and increased demand, especially in the business for truck and automotive aftermarket."
Read more from SKF
by Scancomark.com Team