SKF Q2 Profit Declines; Net Sales Down 6.6% On Organic Basis

(RTTNews) - SKF (SKFRY.PK) reported that its second quarter profit before taxes declined to 2.11 billion Swedish kronor from 2.83 billion Swedish kronor, last year. Basic earnings per share was 3.36 kronor compared to 4.48 kronor. Adjusted operating profit declined to 3.32 billion Swedish kronor from 3.61 billion kronor, prior year. Adjusted earnings per share was 5.19 kronor compared to 5.36 kronor.

Net sales were 25.61 billion Swedish kronor compared to 27.12 billion kronor, previous year. On an organic basis, net sales were down 6.6%.

For the third quarter, the company expects organic sales to be relatively unchanged, year-over-year. For 2024, the company expects a low single-digit organic sales decline, compared to 2023.

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