GOTEBORG, Sweden, July 14, 2003 (PRIMEZONE) -- SKF (Nasdaq:SKFR):
Stable earnings
The SKF Group reports a profit before taxes for the second quarter 2003 of MSEK 815 (925). The profit for the first half of 2003 was MSEK 1 617 (1 686).
Earnings per share for the second quarter were SEK 4.99 (5.58), and for the first half-year, SEK 9.93 (10.22).
Total sales, calculated in local currencies, were higher in Europe in the second quarter 2003 compared to the same period last year. In North America sales were lower compared to last year, while in the Asian region sales were considerably higher than a year ago.
Outlook
The market demand for the Group's products and services is expected to be somewhat lower during the third quarter, with Europe slightly weaker, North America relatively unchanged and continued strong growth in Asia.
Manufacturing will be reduced during the quarter in order to continue the reduction of inventory levels.
Summary
- The operating profit for the second quarter was MSEK 945 (1,048).
- The figure for the first half-year of 2003 was MSEK 1,889 (1,951).
- The operating margin for the SKF Group for the second quarter of 2003 amounted to 9.0% (9.5), and for the first half-year to 9.0% (9.0).
- Cash flow after investments before financing for the second quarter was MSEK 510 (829), and for the first half-year MSEK 557 (717). . Net sales for the second quarter amounted to MSEK 10,532 (11,053), and for the first half-year to MSEK 21,073 (21,718). . The decrease of 4.7 % in net sales for the second quarter was attributable to: structure 0.1%, volume 3.2%, price/mix 0.6% and currency effect - 8.6%. For the first half-year, the decrease of 3.0% was attributable to: structure 0.4%, volume 4.7%, price/mix 0.9% and currency effect - 9.0%.
- Net profit for the second quarter amounted to MSEK 569 (636). Net profit for the first half-year was MSEK 1,131 (1,165).
Further information can be obtained from: Lars G Malmer, Group Communication, tel: +46-31-3371541, +46-705-371541, e-mail: lars.g.malmer@skf.com Marita Bjork, Investor Relations, tel: +46-31-3371994, +46-705-181994, e- mail: marita.bjork@skf.com
Aktiebolaget SKF, SE-415 50 Goteborg, Sweden, Company reg.no. 556007-3495, tel: +46-31-3371000, fax: +46-31-3372832, www.skf.com
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