Swedish bearing manufacturer SKF reported sales for the first quarter of SEK 16.7 billion (US$2.5 billion), up 10.4 percent from the first quarter of 2013. Profit was SEK 1.3 billion (US$197.8 million), up 55.9 percent year-over-year.

"We continued to have a negative mix in our sales with a stronger development of our automotive business and our industrial OEM sales in Asia," said Tom Johnstone, president and CEO of SKF. "Going forward we expect demand to develop positively both sequentially and compared to the second quarter last year. Manufacturing will be higher year-on-year and slightly higher compared to the first quarter.”

Sales in the first quarter in local currencies increased by 4.4 percent in Europe, 2.9 percent in North America, 4.1 percent in Latin America, 10.6 percent in Asia and 21.4 percent in the Middle East and Africa.

Manufacturing in the first quarter was higher compared to last year.