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Tom Johnstone, President and CEO: “SKF delivered a good solid performance in the quarter despite sales being lower than expected and significantly lower than the record sales in the first quarter last year. The steps which we are taking to adjust our cost base are giving results as can be seen by the positive sequential margin development. There is continued uncertainty and cautiousness in the market place and this impacted our sales more than expected especially in our industrial businesses and in North America. The acquisition of Blohm + Voss Industries was completed in the first quarter and will strengthen our position in the marine industry. In April at the Hannover Fair we launched a number of new solutions such as SKF Insight™, the new wireless and self powered monitoring sensor and solution, which will enable us to even better help our customers improve performance, reduce downtime and cost. Going forward, it is not easy to give a demand outlook due to all the mixed signals in the economy. However, while demand in the second quarter is expected to be unchanged sequentially and lower year on year I feel that as we go through the quarter we will start to see a slowly improving business.”
Sales in the first quarter in local currencies and excluding structure decreased by 10% both in Europe and North America, by 7% in Asia and by 6% in Middle East and Africa. In Latin America they increased by 8%. Manufacturing in the first quarter was lower year over year. FAG HCS71916C.T.P4S.UL| FAG HCS71913E.T.P4S.UL | FAG HCS71914C.T.P4S.UL | FAG HCS71912E.T.P4S.UL | FAG HCS71911E.T.P4S.UL | FAG HCS7010C.T.P4S.UL | FAG HCS71906E.T.P4S.UL | FAG HCS7008C.T.P4S.UL | FAG HCS71906C.T.P4S.UL | FAG HCS71905E.T.P4S.UL |
