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SKF results exceed analysts' expectations

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11:58 CEST+02:00
Swedish ball bearing manufacturer SKF has reported record sales and profit for the second quarter of 2007. The results were better than expected, with a profit before taxes of 1,957 million kronor (294 million dollars). That compares to 1,520 million kronor for the same period last year.

Sales for the first half of the year have climbed to 29,334 million kronor, up from 26,662 million kronor in the first six months of 2006. The rise was helped by "significantly higher" sales in Europe, Asia and Latin America.

"The market demand for SKF's products and services in the third quarter of 2007 is expected to be higher for the Group," said the company in a statement.

"The demand is expected to be higher in Europe and Latin America, significantly higher in Asia and relatively unchanged in North America. The demand is expected to be higher in the Industrial and Service Division and slightly higher in the Automotive Division."

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