SKF Q1 Net Profit Declines; Organic Sales Down 3.5%

(RTTNews) - SKF reported first-quarter net profit of 1.95 billion Swedish kronor compared to 2.00 billion kronor, prior year. Basic earnings per share was 3.95 kronor compared to 4.15 kronor. Adjusted net profit declined to 2.30 billion Swedish kronor from 2.31 billion kronor. Adjusted earnings per share was 4.71 kronor compared to 4.83 kronor.

First-quarter net sales were 23.97 billion Swedish kronor compared to 24.70 billion kronor, last year. Organic sales were down 3.5% compared to last year.

The company expects another quarter with negative volumes and projects organic sales to weaken somewhat in second quarter, year-over-year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.