GOTHENBURG, Sweden (June 5) — SKF A.B. had record profits and sales in the first quarter of 2006, as operating profit increased by 33 percent and sales by 12 percent over the like period of 2005, the company said.
Earnings per share increased by more than 40 percent during the quarter, according to the bearing and elastomerics supplier.
Sales increased in Europe, North America, and Latin America, SKF said. The manufacturing level for the first quarter was higher than the fourth quarter of 2005 and the first quarter of last year.
The market demand for SKF´s products and services in the second quarter is expected to be slightly higher compared to the first quarter 2006. The demand is expected to be slightly higher in Europe and North America, significantly higher in Asia and on a high level in Latin America, the company said.
The manufacturing level for the second quarter of 2006 will be unchanged compared to the first quarter 2006, SKF said.