STOCKHOLM (dpa-AFX) - SKF AB (SKF-B.ST), a Swedish engineering and manufacturing company, on Wednesday reported higher net income in the third quarter compared with the previous year.
For the third quarter, net profit increased to SEK 1.78 billion from SEK 1.29 billion in the previous year.
Basic earnings per share were SEK 3.74 versus SEK 2.67 last year.
Adjusted net profit increased to SEK 1.84 billion from SEK 1.67 billion in the previous year.
Adjusted earnings per share were SEK 3.88 versus SEK 3.52 last year.
Adjusted operating profit jumped to SEK 2.85 billion from SEK 2.55 billion in the same period a year ago.
Operating profit surged to SEK 2.78 billion from SEK 2.17 billion in the last year.
Net sales increased to SEK 17.47 billion from SEK 16.56 billion in the previous year.
The company expects organic sales in its continuing operations to strengthen somewhat year-over-year in the fourth quarter, while market volatility and uncertainty remain high.
On Tuesday, AB SKF closed trading 0.18% higher at $273 on the Stockholm Stock Exchange.
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