Bearings maker SKF cuts full-year sales guidance (updated)
30/10/2024 06:16
(Adds detail, background)
STOCKHOLM, Oct 30 (Reuters) - SKF SKFb.ST , the world's
biggest maker of industrial bearings, reported adjusted
third-quarter earnings in line with market expectations on
Wednesday but lowered its sales guidance for the full year in
the face of broadly weaker markets.
Sweden's SKF, whose bearings are sold into a vast range of
industries and products, said an expected slump in sales in the
final quarter of the year meant it now saw a mid-single-digit
organic sales decline this year compared to 2023.
It had previously expected a low-single digit fall for
the year.
The engineering group reported adjusted quarterly
operating earnings of 2.82 billion Swedish crowns ($265 million)
compared to 2.96 billion a year ago and a mean forecast of 2.81
billion, according to a LSEG compilation of analyst estimates.
($1 = 10.6396 Swedish crowns)
(Reporting by Niklas Pollard, editing by Stine Jacobsen)
((Niklas.Pollard@thomsonreuters.com;))