SKF Posts Record Profit on Growing Industrial Demand

Resource from: CBCC Likes:2940

Jul 16,2010

SKF AB, the world’s largest maker of ball bearings, reported its biggest-ever quarterly profit as sales to automotive and industrial customers extended a recovery. Second-quarter net income quadrupled to 1.41 billion kronor ($192 million), or 3.09 kronor per share, from 314 million kronor, or 0.69 krona, a year earlier, Gothenburg, Sweden-based SKF said today in a statement. Profit beat the 1.23 billion- krona average estimate of 14 analysts. Sales increased 11 percent to 15.7 billion kronor. “We’ve shown a very strong resilience in our business,” Chief Executive Officer Tom Johnstone said today in a phone interview. “We’ve been able to deliver record profitability levels at the same time as investing in our business for the future with the opening of new plants -- two in India and one in Russia -- over the last three, four months.” SKF, considered an industry bellwether because its bearings are used in products such as construction cranes and cars, is benefiting from a global increase in manufacturing, including higher sales of components to the automotive industry in Asia. Bayerische Motoren Werke AG, the world’s largest luxury-car maker, raised its 2010 sales and earnings forecast on July 13 on Chinese market growth and demand for the new 5-series sedan.

()

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous CJ Bearings Operate in Gritty Mining Environments
Next Sliding Slewing Ring Bearings Assure Smooth Rotary Motion

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.