July 17, 2019 / 6:15 AM / 5 months ago

Bearings maker SKF sees slightly lower demand in Q3

STOCKHOLM, July 17 (Reuters) - 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.

“Entering the third quarter of 2019, we expect to see slightly lower volumes for the group, relatively unchanged for Industrial and lower for Automotive,” SKF CEO Alrik Danielson said in a statement. ($1 = 9.3911 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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