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Sweden's SKF stands by Q1 demand forecast
April 6, 2017 / 9:45 AM / in 8 months

Sweden's SKF stands by Q1 demand forecast

GOTHENBURG, Sweden, April 6 (Reuters) - Sweden’s SKF, the world’s largest maker of industrial bearings, said on Thursday it was not changing its demand forecast for the first quarter, despite some investor expectations of an update with the quarter now gone.

“I am not going to give any new guidance,” SKF Chief Executive Alrik Danielson said at a presentation for investors, analysts and media at the group’s capital markets day in Gothenburg.

The firm, which counts Germany’s Schaeffler AG as its top rival, in February forecast slightly higher demand compared to the year-ago quarter, by which it typically means growth of 2-4 percent in sales volumes.

Some investors had expected SKF to signal higher growth than forecast following strong manufacturing gauges and other lead indicators in its main markets in recent months.

SKF shares fell 1.4 percent at 0940 GMT, underperforming a 0.3 percent drop in the STOXX Europe 600 Industrial Goods & Services Index. (Reporting by Johannes Hellstrom, editing by Terje Solsvik)

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