SKF Q1 pretax rises on strong volumes, margins; beats market expectations |
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Tue, 24 Apr 2007 10:42
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STOCKHOLM (Thomson Financial) - SKF AB said its first quarter pretax profit rose to 1.825 bln skr from the 1.599 bln posted in the same period last year, on strong volume growth and improving margins.Market expectations were for a pretax profit of 1.700 bln skr, according to a survey of analysts by SME Direkt.The ball-bearing manufacturer said it sees higher market demand for its products and services in the second quarter of 2007 versus the first.Demand is expected to be higher in Europe and Latin America, significantly higher in Asia and relatively unchanged in North America.On a divisional basis, demand is expected to be higher in the Industrial and Service Division and slightly higher in the Automotive Division.It said the manufacturing level for the second quarter will be unchanged compared to the first quarter and significantly higher compared to the second quarter last year.TF.TFN-EuropeStockholm@thomson.comhc/jagCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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