October 25, 2018 / 11:15 AM / 20 days ago

SKF Q4 demand outlook lifts pummelled shares

STOCKHOLM, Oct 25 (Reuters) - Sweden’s SKF, the world’s largest maker of industrial bearings, reported quarterly operating earnings in line with market expectations on Thursday and forecast slightly higher year-on-year demand in the final months of 2018, sending its shares higher.

The rival of Germany’s Schaeffler said its outlook for the fourth quarter included higher demand seen in its industrial business and slightly lower demand in its smaller automotive business.

Its third-quarter operating profit rose to 2.60 billion Swedish crowns ($281.2 million) from a year-ago 1.97 billion, in line with a mean forecast of 2.61 billion in a poll of analysts.

SKF shares were up 4.4 percent by 1109 GMT.

$1 = 9.1046 Swedish crowns Reporting by Johannes Hellstrom; editing by Niklas Pollard

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