Swedish bearing manufacturer SKF (STO: SKFA) Goteborg, Sweden, reported sales for the third quarter of SEK 17.8 billion (US$2.5 billion), up 13.9 percent over the same period a year ago. Profit increased 7.8 percent to SEK 2.1 billion (US$292.4 million).

"Demand was slightly lower than expected during the quarter, particularly in Europe and within our automotive business," said Tom Johnstone, president and CEO. "As a result manufacturing was adjusted lower than planned at the start of the quarter impacting our results but ensuring we also reduced inventory in fixed currency."

Sales in the third quarter in local currencies and excluding structure increased by 2 percent in Europe, 3 percent in North America, 1 percent in Latin America, 11 percent in Asia and 14 percent in Middle East and Africa.

Year to date, sales were SEK 52.5 billion (US$7.3 billion), up 18.2 percent over the prior year period. Profit grew 28 percent to SEK 6.2 billion (US$863.1 million).