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SKF Nine-month report 2007

17.10.2007

SKF reports record third quarter sales and profit. Operating profit rose 17.2% and sales 12.8%. Basic earnings per share increased by 20.4%. The outlook is for continued good volume growth for the fourth quarter of 2007.

  • Net sales for the third quarter of 2007 were SEK 14,155 m (12,544), and for the first nine months SEK 43,489 m (39,206).
  • Operating profit for the third quarter was SEK 1,803 m (1,538), and

    for the first nine months SEK 5,708 m (4,849). The operating margin for the third quarter was 12.7% (12.3), and for the first nine months 13.1% (12.4).

  • Profit before taxes for the third quarter was SEK 1,646 m (1,422). The

    profit before taxes for the first nine months was SEK 5,428 m (4,541).

  • Net profit for the third quarter was SEK 1,174 m (966). Net profit for

    the first nine months was SEK 3,662 m (3,175).

  • Basic earnings per share for the third quarter were SEK 2.48 (2.06),

    and for the first nine months SEK 7.76 (6.81). Diluted earnings per share for the third quarter were SEK 2.48 (2.05), and for the first nine months SEK 7.74 (6.79).

The increase of 12.8% in net sales for the quarter, in SEK, was attributable to:

volume 9.0%, structure 3.7%, price/mix 2.0% and currency effects -1.9%.

For the first nine months, the increase of 10.9%, in SEK, was attributable

to:

volume 7.9%, structure 4.1%, price/mix 2.2% and currency effects -3.3%.

Sales development in the third quarter (excl. structural effects) Sales in the third quarter of 2007, calculated in local currencies and compared to sales in the same quarter last year, were significantly higher for the Group as well as for all the Divisions. Sales were significantly higher in Europe, Asia and Latin America. Sales in North America were higher.

The manufacturing level for the third quarter was unchanged compared to the second quarter 2007 and significantly higher compared to the third quarter last year.

Outlook for the fourth quarter of 2007 (compared to the third quarter 2007)

The market demand for SKF's products and services in the fourth quarter of

2007 is expected to be higher for the Group. The demand is expected to be higher in Europe, significantly higher in Asia and Latin America and relatively unchanged in North America. The demand is expected to be higher in all divisions.

The manufacturing level for the fourth quarter 2007 will be unchanged compared to the third quarter 2007, while higher in absolute terms due to normal seasonality, and significantly higher than the fourth quarter 2006.

Source: SKF Group

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