UPDATE 2-Bearings maker SKF's profit falls, reassures on Chinese autos [Reuters]
SKF AB S/ADR (SKFRY)
NASDAQ:AMEX Investor Relations:
skf.com/group/investors/investor-relations
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Source: Reuters
Bearings maker SKF's profit falls, reassures on Chinese autos - Reuters 3 Min Read STOCKHOLM (Reuters) - Swedish bearings maker SKF ( SKFb.ST ) forecast stable demand for its main industrial business in the third quarter and cited unexpected signs of improvement in the battered Chinese car market, spurring a 4% rise in shares. The world’s biggest maker of industrial bearings reported second quarter profit fell 13% due to restructuring and impairment costs, though excluding them earnings beat forecasts, aided by cost cuts. SKF - which derives around 70% of sales from its industrial business and the rest from autos - has felt the impact of a slump in car markets globally, especially in China, and signs of slowing demand for industrial goods. The Gothenburg-based company, which rivals Germany’s Schaeffler ( SHA_p.DE ), said overall organic sales dipped 2% in the second quarter, its first quarterly decline in almost three years, hit by a 7% fall in its automotive business alone. Still
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News
- SKF interim report Q3 2024: Solid margin and strong cash flow in weak marketsPR Newswire
- SKF interim report Q3 2024: Solid margin and strong cash flow in weak marketsPR Newswire
- SKF interim report Q3 2024: Solid margin and strong cash flow in weak marketsPR Newswire
- SKF divests non-core aerospace operation for USD 220 millionPR Newswire
- SKF divests non-core aerospace operation for USD 220 million [Yahoo! Finance]Yahoo! Finance
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- 10/30/24 - Beat
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Analyst Actions
- 10/15/24 - Citigroup Inc.