SKF Half-year Report 2006
Resource from: CBCC Likes:2985
Jul 17,2006
The SKF Group reports record profits and record sales for the second quarter of 2006. Operating profit increased by 22.6% and sales were up 5.0%. Basic earnings per share increased by 17.9%
Net sales for the second quarter of 2006 were MSEK 13,373 (12,739), and for the first half-year MSEK 26,662 (24,610).
Operating profit for the second quarter was MSEK 1,702 (1,388). The operating profit for the first half-year was MSEK 3,311 (2,595). The operating margin for the second quarter was 12.7% (10.9), and for the first half-year 12.4% (10.5).
Profit before taxes for the second quarter was MSEK 1,520 (1,319). The profit for the first half-year was MSEK 3,119 (2,498).
Net profit for the second quarter was MSEK 1,071 (904). Net profit for the first half-year was MSEK 2,209 (1,720).
Basic earnings per share for the second quarter were SEK 2.30 (1.95), and for the first half-year SEK 4.75 (3.68). Diluted earnings per share for the second quarter were 2.30 (1.93), and for the first half-year SEK 4.74 (3.66).
The increase of 5.0% in net sales for the quarter, in SEK, was attributable to:
volume 2.5%, structure -0.5%, price/mix 2.0% and currency effects 1.0%.
For the first half-year, the increase of 8.3%, in SEK, was attributable to:
volume 3.8%, structure -2.7%, price/mix 2.7% and currency effects 4.5%.
Sales development (excl. Ovako Steel in 2005)
Sales for the SKF Group in the second quarter calculated in local currencies and compared to sales in the same quarter last year, were higher in Europe, slightly higher in North America and significantly higher in Asia. Sales in Latin America were unchanged. The second quarter was negatively effected by Easter being in the second quarter 2006.
The manufacturing level for the second quarter of 2006 was unchanged compared to the first quarter 2006 and slightly higher compared to the second quarter last year.Outlook for the third quarter of 2006
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 2006. The demand is expected to be higher in Europe, significantly higher in Asia and to remain on a high level in North America and Latin America.
The manufacturing level for the third quarter of 2006 will be unchanged compared to the second quarter 2006, while lower in absolute terms due to normal seasonality.
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