Bearings maker SKF's profit slightly ahead of expectation, sees very volatile markets (updated)

SKF AB

Wed 06:58

Adds bullet points
STOCKHOLM, Oct 21 (Reuters) - Industrial bearings maker SKF SKFb.ST, a bellwether of the global manufacturing sector, reported on Wednesday a slightly bigger rise than expected in third-quarter profit and said its markets remained highly volatile.
The Swedish group's customers make a wide range of products, from industrial tools and wind turbines to vehicles
SKF is spinning off its business that targets the automotive sector, planning to list Vertevo on the Stockholm bourse on December 1
Adjusted operating profit rose to 2.85 billion crowns ($288 million) from a year-earlier 2.55 billion against a mean forecast of 2.84 billion in an LSEG poll of analysts, on organic sales growth of 4.3%
SKF in a statement predicted continuing operations' organic sales would grow somewhat in the fourth quarter
It said it sees a similar market environment in the fourth quarter as in the third, adding that market volatility remains high, which amplifies overall uncertainty
The rival to Germany's Schaeffler SHA0.DE said it is bringing forward its 2 billion crown annual savings target by six months, to mid-2027

 (Reporting by Anna Ringstrom, editing by Terje Solsvik)
 ((anna.ringstrom@thomsonreuters.com))