Bearing maker SKF slips as soft outlook overshadows Q3 beat

SKF AB

Wed 09:02

** Shares in SKF SKFb.ST fall around 3% after the Swedish industrial bearings maker guided for lower-than-expected Q4 organic sales growth, despite a beat in Q3 core profit and organic sales
** It forecast organic sales to grow 2-4% in Q4, against consensus expectations for growth of 4-5%
** Citi analysts say they saw likely consensus expectations for Q4 EBIT moving down 2-3% and full-year by 1-2%
** "We expect SKF to talk about still cautious behavior among the distributors in Europe", Citi adds as the company warned of continuous market uncertainty
     
($1 = 9.9072 Swedish crowns)

(Reporting by Boleslaw Lasocki)
((boleslaw.lasocki@thomsonreuters.com))