Bearings maker SKF posts narrow profit beat as demand recovers [Reuters]
SKF AB S/ADR (SKFRY)
NASDAQ:AMEX Investor Relations:
skf.com/group/investors/investor-relations
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Source: Reuters
reporting earnings slightly above forecasts despite negative currency effects and rising costs. SKF reported its organic net sales jumped by a third in the second quarter from the depths of the coronavirus pandemic a year earlier, helped by a strong recovery in demand from the auto industry. Its automotive business, which generates about 30% of overall sales, soared 75.9% while the industrial division, which accounts for 70% of sales, reported a 21.7% rise in sales. The Swedish firm, which competes against Germany's Schaeffler said it expected an organic growth of around 10% in the third quarter compared with a year ago. SKF reported second-quarter operating earnings of 2.88 billion Swedish crowns ($331.3 million), above the 2.81 billion forecast in a Refinitiv poll, and well above 669 million reported a year earlier. “This is the strongest EBIT beat so far this quarter in the sector,” investment bank Jefferies said in a note, noting that adjusted operating margin in the indus
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SKFRY
Earnings
- 2/1/24 - Beat
SKFRY
Analyst Actions
- 2/23/24 - UBS Group AG