(RTTNews) – SKF (SKFRY.PK), a Swedish producer of bearings, seals, lubrication programs, and companies, reported Friday that its first-quarter revenue earlier than taxes dropped to 2.72 billion Swedish kronor from final yr’s 2.94 billion kronor.
Fundamental earnings per share have been 4.15 kronor, down from prior yr’s 4.55 kronor.
Adjusted revenue earlier than taxes have been 3.03 billion kronor, in comparison with 3.04 billion kronor a yr in the past. Adjusted earnings per share have been 4.83 kronor, in comparison with final yr’s 4.77 kronor.
In whole, the adjusted working revenue was 3.30 billion kronor, down from prior yr’s 3.48 billion kronor. Nonetheless, adjusted working margin improved to 13.4 % from 13.1 % final yr.
Internet gross sales additionally declined to 24.70 billion kronor from prior yr’s 26.55 billion kronor in a tougher financial atmosphere.
As anticipated, there was a delicate buyer demand within the quarter with giant variations throughout the corporate’s completely different industries.
Natural progress in India and Southeast Asia was 1 % pushed by a powerful efficiency in heavy industries and lightweight automobiles. In Europe, Center East and Africa, the natural gross sales declined 5 %, with adverse progress in most industries, whereas aerospace and railway contributed positively.
Wanting into the second quarter, SKF expects a mid single-digit natural gross sales decline from final yr.
For fiscal 2024, the corporate continues to anticipate a low single-digit natural gross sales decline, in comparison with 2023.
Rickard Gustafson, President and CEO, stated, “We anticipate to see continued market volatility and geopolitical uncertainty and the enterprise is ready to sort out completely different situations.”
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