Bearings maker SKF adjusted earnings in line with forecast (updated)

Schaeffler AG

18/07/2024 06:11

(Adds detail, background from paragraph 2)
       STOCKHOLM, July 18 (Reuters) - Sweden's SKF  SKFb.ST ,
the world's biggest maker of industrial bearings, reported
adjusted second-quarter earnings in line with market
expectations on Thursday and said it expected relatively
unchanged like-for-like sales in the third quarter.
        The company reported adjusted operating earnings of 3.32
billion crowns ($315 million) compared to 3.61 billion a year
earlier to all but match a mean forecast 3.33 billion, according
to a LSEG compilation of analyst estimates.
  
    The engineering group, whose bearings are sold into a huge
range of products across many industries, said the current
subdued market demand, combined with its footprint
regionalisation moves, could have short-term impact on its cost
efficiency in the second half of the year. 
    



($1 = 10.5512 Swedish crowns)

 (Reporting by Niklas, editing by Anna Ringstrom)
 ((Niklas.Pollard@thomsonreuters.com;))