SKF Q3 Net Profit Rises to SEK 1.78 Billion as Sales Grow

Swedish engineering company SKF AB (SKF-B.ST) reported higher third-quarter net profit, rising to SEK 1.78 billion from SEK 1.29 billion a year earlier, with basic earnings per share of SEK 3.74 versus SEK 2.67. Adjusted net profit increased to SEK 1.84 billion from SEK 1.67 billion, and adjusted earnings per share were SEK 3.88 versus SEK 3.52. Operating profit surged to SEK 2.78 billion from SEK 2.17 billion, while adjusted operating profit jumped to SEK 2.85 billion from SEK 2.55 billion. Net sales increased to SEK 17.47 billion from SEK 16.56 billion in the prior year. The company expects organic sales in its continuing operations to strengthen somewhat year-over-year in the fourth quarter, though it cautioned that market volatility and uncertainty remain high. SKF shares closed trading 0.18% higher at SEK 273 on the Stockholm Stock Exchange on Tuesday.