SKF's Q3 net income drops 22.7% y/y to $128 million

Nov 2, 2017   Tier Suppliers

The Swedish supplier expects demand for its products to remain high in fourth quarter as the automotive business has continued to strengthen its adjusted operating margin, which was 7.6%, driven by increased volumes and cost control.

SKF's net income declined 22.7% year-over-year (y/y) to SEK 1 billion ($128.2 million) in the third quarter ended 30 September 2017, the Sweden-based bearings supplier has said. The company reported a decline in net income despite recording 4.2% y/y growth in net sales to SEK 18.6 billion.

SKF also witnessed a decline in operating income in the third quarter, of 10.3% y/y to SEK 2 billion, while the automotive business grew by 4.9%.

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