Swedish bearing manufacturer SKF (STO: SKFA) reported sales for the third quarter of SEK 18.4 billion (US$2.2 billion), up 3.3 percent over the same period a year ago. Profit decreased 12 percent to SEK 1.8 billion (US$218.8 million).
“The expected weakening of market demand that we flagged for in July materialized and gathered pace during the quarter, especially in Asia and North America” said Alrik Danielson, president & CEO. “As a result, sales in local currency declined by 5 percent. Production rates were reduced during the quarter and inventories were kept under control. Our financial performance was impacted by the lower sales volumes.”
Year to date, sales were SEK 57.8 billion (US$7 billion), up 10.1 percent over the prior year period. Profit decreased 4.3 percent to SEK 6 billion (US$729.4 million).
