Bearings maker SKF's adjusted Q2 profit beats expectations (updated)
UPDATE 1-Bearings maker SKF's adjusted Q2 profit beats expectations Adds operating profit, CEO quote from paragraph 2
STOCKHOLM, July 17 (Reuters) - Swedish industrial bearings maker SKF SKFb.ST on Friday reported a higher-than-expected adjusted operating profit for the second quarter and said it expected like-for-like sales to strengthen somewhat year-on-year in the third quarter.
Adjusted operating profit rose to 3.22 billion Swedish crowns ($333.21 million), from a year-earlier 3.09 billion crowns and against a mean forecast of 3.11 billion in an LSEG poll of analysts, on like-for-like-sales growth of 1.4%.
SKF, which competes with the likes of Germany's Schaeffler SHA0.DE, is a bellwether of the global manufacturing sector as its customers span a wide range of products from industrial tools and wind turbines to vehicles.
"Given signs of improved market demand in certain industries in Q2, we expect organic sales to strengthen somewhat in Q3, year-over-year," CEO Rickard Gustafson said in a statement, while adding that geopolitical turmoil amplified overall unpredictability.
($1 = 9.6637 Swedish crowns)
(Reporting by Greta Rosen Fondahn, editing by Terje Solsvik)
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