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The eBearing News
October 19, 2004
SKF Reports Third
Quarter 2004 Results
copyright © 2004 eBearing Inc.
SKF AB (Sweden) reported stronger than expected sales and earnings for third
quarter 2004, continuing a string of upbeat announcements across
the bearing industry.
SKF's third quarter sales were SEK 11.2 billion (USD $1.55 billion), up more than
14% over third quarter 2003's SEK 10.1 billion ($1.40 billion).
While worldwide sales were up 14% as measured in local currencies, the strength of the
Swedish Kronor pulled as-reported sales down to 11.2%. Overall, SKF said the
increase of 11.2% in net sales for third quarter, in Kronor, was attributable
to: +9.6% from sales volume, +2.2% from internal operations changes and savings,
+2.3% from a more favorable price/product sales mix, and -2.9% from the
currency and exchange rate effects.
Third quarter operating margin was a strong 10.6%, improving 26%
on the 8.4% recorded for 2003. Corresponding operating profit was SEK 1.2 billion
($167 million), up 43% from SEK 841 million ($116.8 million) in 2003.
Net profit was up over 40% in the quarter, to SEK 705 million ($98 million) from
2003's SEK 503 million ($70 million).
Geographically, SKF said, "Sales were significantly higher in Europe and higher
in North America. Sales were significantly higher in Asia and Latin America."
Across its worldwide manufacturing operations, production levels were virtually
unchanged in the third quarter 2004 from second quarter. But third quarter production
in 2004 was "significantly higher" than for third quarter 2003.
Looking toward fourth quarter, planned manufacturing activity is scheduled to
remain virtually unchanged from second and third quarter, although fourth quarter 2004
will again be significantly higher it was in 2003.
Fourth quarter sales are expected to continue an upswing. SKF said, "The market
demand for SKF products and services is expected to continue to be higher n Europe
and North America and significantly higher in Asia and Latin America."
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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