GOTEBORG, Sweden, April 15, 2003 (PRIMEZONE) -- SKF (Nasdaq:SKFR):
Stable earnings
The SKF Group reports a profit before taxes of MSEK 802 (761) for the first quarter of 2003. Earnings per share for the first quarter were SEK 4.94 (4.64).
Total sales, calculated in local currencies, grew in Europe during the first quarter 2003 compared with the same period last year. In North America sales were fairly flat compared with last year, while in the Asian region sales continued to grow strongly.
Outlook:
The overall market demand for the Group's products and services is expected to remain relatively unchanged in the second quarter. Manufacturing levels, which were higher than sales in the first quarter, will be adjusted downwards during the second quarter.
Summary:
- The operating profit for the first quarter 2003 was MSEK 944 (903).
- The operating margin for the SKF Group for the first quarter of 2003 amounted to 9.0% (8.5).
- Cash flow after investments before financing was MSEK 47 (-112).
- Net sales amounted to MSEK 10 541 (10 665).
- The decrease of 1.2% in net sales was attributable to: structure 0.7%, volume
- 6.2%, price/mix 1.2% and currency effect - 9.3%.
- Net profit amounted to MSEK 562 (529).
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