April 25, 2019 / 6:12 AM / 7 months ago

Bearings maker SKF profit tops forecast, sees slightly lower Q2 demand

STOCKHOLM, April 25 (Reuters) - Sweden’s SKF, the world’s largest maker of industrial bearings, reported quarterly operating earnings ahead of market expectations on Thursday but forecast slightly lower demand in the second quarter versus the year-ago period.

The company, which competes with the likes of Germany’s Schaeffler, said its first-quarter operating profit rose to 2.66 billion crowns ($282 million) from 2.63 billion a year ago, beating the 2.42 billion seen in a poll of analysts.

“In the second quarter of 2019, we expect to see slightly lower volumes for the Group, relatively unchanged for Industrial and lower for Automotive,” SKF CEO Alrik Danielson said in a statement.

$1 = 9.4264 Swedish crowns Reporting by Johannes Hellstrom; editing by Niklas Pollard

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