On April 27, Swedish bearings manufacturer SKF reported first-quarter net sales of SEK 26.5 billion ($2.57 billion USD), a 15.7% increase compared to 1Q 2022.

The increase reflected organic sales growth of 10.1%. SKF’s industrial segment saw sales growth of 14.9% year-over-year (9.5% organic growth), while sales in its automotive segment were up 18.1% from a year ago (11.9% organic growth).

Adjusted operating profit improved to SEK 3.5 billion ($340.2 million USD) in 1Q from SEK 3.09 billion ($300.3 million USD) a year ago, while adjusted operating margin fell slightly to 13.1% from 13.3%.

“Through active and ongoing portfolio management and pricing activities, we have been able to offset cost inflation in the quarter,” SKF President and CEO Rickard Gustafson said in a news release. “Our Industrial business saw strong demand across all regions and most segments, with an especially high demand in India & Southeast Asia… The strong financial development and business achievements during the quarter are to a large extent the result of hard work and dedication by our employees.”