SKF Group profit up 22.6 percent; sales up 5 percent

Gothenburg, Sweden -- The SKF Group, a global supplier of elastomeric and bearing products, posted record profits and sales for the second quarter of 2006.

Operating profits increased by 22.6 percent and sales were up by 5 percent, the company said.

Basic earnings per share increased by 17.9 percent.

The company´s sales in Europe were higher as compared to the same period of 2005, slightly higher in North America, significantly higher in Asia and relatively unchanged in Latin America, SKF reported.

The manufacturing level for the second quarter was relatively unchanged compared to the first quarter of 2006 and slightly higher compared to the second quarter last year, the company said.

The market demand for SKF´s products and services in the third quarter of 2006 is expected to be slightly higher compared to the second quarter.

The demand is expected to be higher in Europe and significantly higher in Asia, and will remain on a high level in North America and Latin America, SKF said.

The manufacturing level for the third quarter of 2006 will be relatively unchanged compared to the second quarter, while it will be lower in absolute terms due to normal seasonality, the company said.

From Rubber & Plastics News (A Crain publication)