April 26, 2018 / 6:13 AM / a month ago

Bearings maker SKF Q1 operating profit tops forecast

STOCKHOLM, April 26 (Reuters) - SKF, the world’s biggest maker of industrial bearings, posted a quarterly operating profit ahead of market forecasts on Thursday and said it expected higher year-on-year demand in the second quarter.

The Swedish company said first-quarter operating earnings rose to 2.63 billion Swedish crowns ($308 million) from 2.30 billion a year earlier, beating a 2.45 billion crown mean forecast in a poll of analysts.

“The actions we have taken to control and continually review our cost base, increase prices and focus on meeting the specific application needs of our customers are showing results,” SKF Chief Executive Alrik Danielson said in a statement.

SKF, which competes with the likes of Germany’s Schaeffler , reported organic sales growth of 7.5 percent in the quarter, higher than market expectations for a 6.7 percent rise. ($1 = 8.5479 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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