SKF Q1 Adj. Operating Profit Declines

(RTTNews) - SKF (SKFB.L, SKF_A.ST, SKFb.ST) reported that its first quarter net profit attributable to shareholders was 1.6 billion Swedish kronor compared to 1.8 billion kronor, prior year. Basic earnings per share was 3.57 kronor compared to 3.95 kronor. Adjusted operating profit declined to 2.95 billion kronor from 3.23 billion kronor. Adjusted earnings per share was 4.25 kronor compared to 4.71 kronor.

First quarter net sales were 21.87 billion Swedish kronor compared to 23.97 billion kronor, last year. Organic sales growth was 2.4%, driven by organic sales growth within the Industrial segments, offset by negative market demand for the Automotive business.

For the second quarter, SKF expects market demand to remain at similar levels as in first quarter as a whole. It expects organic sales to be relatively unchanged in second quarter, year-over-year, against more demanding comparables.

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