FR-164 Steel-Backed Polymer Bearing
updated: 2010-04-21 0:00:00 hit:769
We had a very strong result in the first quarter due to better sales and better cost absorption from higher manufacturing levels, both mainly in March. The improved sales were primarily in our automotive business. Since our results are well ahead of market estimates we have decided to release key figures for the quarter before our regular report next week, says Tom Johnstone, President and CEO.
The SKF Group's results for the first quarter 2010 (2009) were:
Net sales: SEK 14,446 million (14,849)
Operating profit: SEK 1,702 million* (768)
Operating margin: 11.8% (5.2)
Profit before taxes: SEK 1,504 million (531)
*The quarter included expenses for restructuring activities of around SEK 90 million, mainly impacting the Industrial Division. The corresponding figure in the first quarter last year was SEK 175 million.
The decrease of 2.7% in net sales for the quarter, in SEK, was attributable to:
volume +5.3%, price/mix -0.3% and currency effects -7.7%.
Further information will be provided on 20 April in conjunction with the regular presentation of the company's first quarter 2010 results.
AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 18.00 pm CEST on 15 April 2010.
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