Posted April 15, 2010
SKF posts profit gain
Swedish bearings manufacturer SKF reported that its first-quarter profit came in "well ahead of market expectations" due to strong demand in March.
Its pretax profit rose to 1.5 billion krona ($210 million) from 531 million krona, with sales falling 2.7% to 14.45 billion krona from 14.85 billion krona.
The improved sales were primarily in SKF's automotive business, said Tom Johnstone, president and CEO.
