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2014-04-15

SKF: SKF First-quarter report 2014

Tom Johnstone, President and CEO:
"Sales developed well in the first quarter compared to the low first
quarter last year and were relatively unchanged compared to the
fourth quarter. We continued to have a negative mix in our sales with
a stronger development of our automotive business and our industrial
OEM sales in Asia. The possible pre-buy ahead of the price increase
in the aftermarket in Europe and North America was not as
anticipated.

During the quarter we received a number of awards and continued to
strengthen SKF by gaining new business, launching a number of new
products and making good progress with our cost reduction programme.

Kaydon is developing well and had a first good quarter. The
integration is proceeding according to plan with a strong focus on
both sales and cost synergies.

Agreement was reached in the quarter with the European Commission
regarding their

investigation and is within the amount taken as a provision in the
fourth quarter last year.

This will be paid in June and will impact cash flow in the second
quarter.

Going forward we expect demand to develop positively both
sequentially and compared

to the second quarter last year. Manufacturing will be higher year on
year and slightly

higher compared to the first quarter."
Key figures Q1 2014 Q1 2013
Net sales, SEKm 16,734 15,152
Operating profit, SEKm 2,024 1,480
Operating margin, % 12.1 9.8
Operating margin excl. one-time costs, % 11.4 11.4
Profit before taxes, SEKm 1,787 1,237
Net profit, SEKm 1,275 818
Basic earnings per share, SEK 2.72 1.74

Operating profit for Q1 includes the net positive effect of one-time
items totalling around SEK 120 million. As a result of the settlement
with the European Commission a reversal of SEK 150 million was made
related to the provision taken in Q4 2013. The quarter also contained
one-time items of around SEK 30 million related to restructuring as
well as a negative revaluation effect due to the devaluation of the
Argentine peso.

Net sales change y-o-y, Volume Price/ Structure Currency Total
in SEK,attributable to: mix effect
Q1 2014 6.2% -0.4% 4.7% -0.1% 10.4%

Sales in the first quarter in local currencies and excluding structure
increased by 4.4% in Europe, by 2.9% in North America, by 4.1% in
Latin America, by 10.6% in Asia and by 21.4% in Middle East and
Africa.

Manufacturing in the first quarter was higher compared to last year.
Outlook for the second quarter of 2014

Demand compared to the second quarter 2013
The demand for SKF's products and services is expected to be slightly
higher for the Group, North America and Asia. It is expected to be
relatively unchanged for Europe and slightly lower for Latin America.
For Strategic Industries and Automotive it is expected to be slightly
higher and for Regional Sales and Service relatively unchanged.

Demand compared to the first quarter 2014
The demand for SKF's products and services is expected to be slightly
higher for the Group, for North America and Asia. It is expected to
be relatively unchanged for Latin America. For Strategic Industries
and Automotive it is expected to be slightly higher and for Regional
Sales and Service relatively unchanged.

Manufacturing
Manufacturing is expected to be higher year over year and slightly
higher compared to the first quarter.

Gothenburg, 15 April 2014

Aktiebolaget SKF
(publ)

A teleconference will be held on 15 April at 09.00 CEST, 08.00 (UK):
SE: +46 (0)8 505 564 74
UK: +44 (0)203 364 5374

You will find all information regarding SKF First-quarter results 2014
on the IR website.
investors.skf.com/quarterlyreporting

AB SKF is required to disclose the information provided herein
pursuant to the Securities Markets Act and/or the Financial
Instruments Trading Act. The information was submitted for
publication at around 08.00 on 15 April 2014.

For further information, please contact:
Press Relations: Ingalill Östman, 46 31-337 3260, mobile: 46
706-973260, ingalill.ostman@skf.com

Investor Relations: Marita Björk, 46 31-337 1994, mobile: 46
705-181994, marita.bjork@skf.com

SKF is a leading global supplier of bearings
(http://www.skf.com/portal/skf/home/products?contentId=876709&lang=en),
seals
(http://www.skf.com/portal/skf/home/products?contentId=238358&lang=en),
mechatronics
(http://www.skf.com/portal/skf/home/products?contentId=447144&lang=en),
lubrication systems (http://www.skf.com/portal/skf_lub?lang=en), and
services
(http://www.skf.com/portal/skf_lub/home/services?contentId=867934&lang=en)
which include technical support, maintenance and reliability
services, engineering consulting and training. SKF is represented in
more than 130 countries and has around 15,000 distributor locations
worldwide. Annual sales in 2013 were SEK 63,597 million and the
number of employees was 48,401. www.skf.com

® SKF is a registered trademark of the SKF Group.
™ BeyondZero is a trademark of the SKF Group.

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http://news.cision.com/skf/r/skf-first-quarter-report-2014,c9569398
http://mb.cision.com/Main/637/9569398/233504.pdf

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