STOCKHOLM, Oct 22 (Reuters) - Sweden’s SKF, the world’s largest maker of ball-bearings, forecast lower year-on-year demand in the fourth quarter on Tuesday, overshadowing in-line quarterly operating earnings and sending shares lower.
SKF shares fell 3.5% following the results, reversing earlier gains.
The rival of Germany’s Schaeffler said it expected fourth-quarter demand to be lower versus the year-ago quarter, with slightly lower demand seen for its industrial business and lower demand seen for its automotive business.
Third-quarter operating earnings at the Gothenburg-based company fell to 2.29 billion Swedish crowns ($238 million) from 2.60 billion a year ago, to come in roughly in line with the 2.33 billion mean analysts’ forecast in a Refinitiv poll. ($1 = 9.6335 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)
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