STOCKHOLM (dpa-AFX) - AB SKF (SKF-A.ST), a manufacturer of bearings, seals and lubrication systems, Friday reported higher earnings and revenue for the second quarter compared to the same period last year.
Quarterly earnings increased to SEK 1,329 million or SEK 2.77 per share from SEK 583 million or SEK 1.13 per share of last year.
'In Q2, our adjusted operating margin improved year-over-year, mainly driven by further strengthened profitability in Specialized Industrial Solutions (SIS).', the manufacturer said in a statement.
Excluding items, earnings decreased to SEK 2,333 million or SEK 4.98 per share from SEK 2,373 million or SEK 5.06 per share of the previous year.
Adjusted operating profit increased to SEK 3,223 million from SEK 3,090 million of the prior year, driven by solid commercial execution, especially within Specialized Industrial Solutions.
Net sales rose to SEK 23,195 million from SEK 23,166 million of last year.
The company added, organic sales increased by 1.4% year-over-year, mainly driven by solid price/mix.
Looking forward to the next quarter, the company expects organic sales to somewhat strengthen, year-over-year, but surmises the geopolitical turmoil, including the conflict in the Middle East, to amplify overall unpredictability.
On Thursday, shares of the company closed at SEK 263, up 0.96% on the Stockholm Stock Exchange.
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