Bearings maker SKF sees slightly lower demand in Q3

 

Sweden’s SKF, the world’s biggest maker of industrial bearings, on Wednesday forecast slightly lower year-on-year demand in the third quarter after restructuring costs pushed its second-quarter operating earnings just below market forecasts.

SKF, which competes with companies such as Germany’s Schaeffler, said its quarterly operating profit fell to 2.54 billion Swedish crowns ($270.47 million) from 2.93 billion a year ago, lagging the 2.62 billion forecast in a poll of analysts according to Refinitiv data.

The company said restructuring and impairment costs had a negative impact of 317 million crowns on the results.