SKF's profit falls 62% in third quarter

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Oct 21,2009

Tuesday its third-quarter net profit fell 62% to 483 million Swedish kronor (about $70 million) from 1.26 billion kronor in the same period a year ago. SKF is a supplier of rolling bearings, seals, services and lubrication systems. The company reported third-quarter net sales of 13.3 billion kronor compared with 15.4 billion kronor in the same period a year ago. In the fourth quarter, SKF expects demand for its products to be "significantly lower" in total as well as in Europe and North America, while it's expected to be unchanged in Asia and slightly higher in Latin America. Demand is expected to be unchanged for the automotive division but significantly lower for the industrial division and the service division. "The possible negative impact of the ending of certain incentive programs for the car industry is difficult to forecast and may affect demand during the quarter," said Tom Johnstone, SKF president and chief executive.

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