Information on SKF’s result for the first quarter of 2010, in advance of the regular report
2010 April 15, 18:00 CET
-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.
Gothenburg, 15 April 2010
|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.|
For further information, please contact:
PRESS: Ingalill Östman, SKF Group Communication, tel: +46 31-337 3260, mobile: +46 706-973260, e-mail: email@example.com
IR: Marita Björk, SKF Investor Relations, tel: +46 31-337 1994, mobile: +46 705-181994, e-mail: firstname.lastname@example.org
SKF is a leading global supplier in the areas of bearings, seals, mechatronics, services and lubrication systems. The Group's service offer includes technical support, maintenance services, engineering consultancy and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. The Group's annual sales 2009 were SEK 56,227 million. The number of employees was 41,172. www.skf.com.