SKF Q1 Profit Beats Forecasts Amid Middle East Tensions
SKF reported a first-quarter profit of 2.95 billion crowns, beating forecasts. The firm expects steady Q2 demand but warns of rising geopolitical uncertainty.
SKF AB-A SHS, the industrial bearings manufacturer headquartered in Sweden, reported a first-quarter adjusted operating profit that surpassed analyst expectations despite a year-on-year decline. The company, often viewed as a global manufacturing bellwether, noted that while performance remained resilient, geopolitical tensions involving Iran and the broader Middle East have heightened economic uncertainty.
The group's adjusted operating profit for the quarter reached 2.95 billion crowns ($323 million), down from 3.23 billion crowns in the same period last year. This result exceeded the 2.74 billion crowns anticipated by analysts in a poll provided by the company. SKF also recorded like-for-like sales growth of 2.4% during the first three months of the year.
