February 1, 2018 / 12:14 PM / a year ago

Bearings maker SKF Q4 profit narrowly tops forecast, sees stronger demand

STOCKHOLM, Feb 1 (Reuters) - SKF, the world’s largest maker of industrial bearings, reported fourth-quarter core earnings just ahead of market forecasts on Thursday and said it expected slightly higher demand in the first quarter compared with the fourth quarter.

Sweden’s SKF said its quarterly operating profit, excluding items affecting comparability, rose to 2.09 billion Swedish crowns ($266 million) from 1.74 billion in the year-ago quarter, just topping a mean forecast 2.03 billion in a poll of analysts.

SKF, which counts Germany’s Schaeffler among its fiercest rivals, said like-for-like sales increased by 8.2 percent in the quarter, higher than the 7.3 percent seen by analysts. ($1 = 7.8703 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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