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SKF’s Operating Profit Drops 13%
Swedish bearings maker SKF Group says restructuring costs caused its operating profit in April-June to fall 13% to 2.5 billion kronor ($271 million).
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Swedish bearings maker SKF Group says restructuring costs caused its operating profit in April-June to fall 13% to 2.5 billion kronor ($271 million).
Revenue slipped less than 1% to 22.5 billion kronor ($2.4 billion), as a 7% drop in auto-related sales offset a 1% gain in the industrial sector. SKF says the operating margin for its automotive business shrank to 4.8% from 8.7% last year.
The company’s net sales through the first half of 2019 advanced 1$ to 43.7 billion kronor ($4.7 billion), and its operating margin declined by one percentage point to 11.9%. Pretax profits for the six-month period fell 13% to 4.7 billion kronor ($502 million).
SKF predicts continued decline for its automotive business, which will slightly exceed gains for its industrial operations.
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