Bearing > Bearings news > SKF First-quarter Report 2008
Bearing > Bearings news > SKF First-quarter Report 2008
Record operating profit and record sales, both up by more than 8% for the first quarter of 2008. Outlook is for continued good volume growth for the second quarter of 2008.
Net sales for the first quarter of 2008 were SEK 15,596 m (14,371).
Operating profit for the quarter was SEK 2,040 m (1,886), and the operating margin was 13.1% (13.1).
Profit before taxes for the first quarter was SEK 1,924 m (1,825).
Net profit for the first quarter was SEK 1,296 m (1,214).
Basic earnings per share for the first quarter were SEK 2.77 (2.57). Diluted earnings per share for the first quarter were SEK 2.77 (2.56).
The increase of 8.5% in net sales for the quarter, in SEK, was attributable to:
volume 4.9%, structure 1.0%, price/mix 3.8% and currency effects -1.2%.
Sales development in the first quarter 2008 (calculated in local currencies excl. structural effects and compared to the same period last year)
In the first quarter, sales in Europe were higher, in North America they were relatively unchanged and in both Asia and Latin America they were significantly higher.
For the Industrial Division and the Service Division sales in the first quarter were significantly higher and for the Automotive Division they were slightly higher.
The manufacturing level for the first quarter of 2008 was relatively unchanged compared to the fourth quarter 2007 and higher compared to the first quarter last year.
Outlook for the second quarter of 2008 (compared to the first quarter 2008)
The market demand for SKF's products and services in the second quarter of 2008 is expected to be higher for the Group. The demand is expected to be higher in Europe, relatively unchanged in North America and significantly higher in both Asia and Latin America. The demand is expected to be higher in the Industrial Division and the Service Division and slightly higher for the Automotive Division.
The manufacturing level for the second quarter 2008 will be slightly higher compared to the first quarter 2008, and higher than the second quarter 2007.