Mexican Media Brands
SKF’s Operating Profit Drops 13%
Swedish bearings maker SKF Group says restructuring costs caused its operating profit in April-June to fall 13% to 2.5 billion kronor ($271 million).
#economics
Share
Swedish bearings maker SKF Group says restructuring costs caused its operating profit in April-June to fall 13% to 2.5 billion kronor ($271 million).
Revenue slipped less than 1% to 22.5 billion kronor ($2.4 billion), as a 7% drop in auto-related sales offset a 1% gain in the industrial sector. SKF says the operating margin for its automotive business shrank to 4.8% from 8.7% last year.
The company’s net sales through the first half of 2019 advanced 1$ to 43.7 billion kronor ($4.7 billion), and its operating margin declined by one percentage point to 11.9%. Pretax profits for the six-month period fell 13% to 4.7 billion kronor ($502 million).
SKF predicts continued decline for its automotive business, which will slightly exceed gains for its industrial operations.
RELATED CONTENT
-
Fuel Economy Gains in July
What you’re looking at here is a sales-weighted fuel economy chart (the numbers in the white boxes represent miles per gallon) that was put together by two diligent researchers, Michael Sivak and Brandon Schoettle, of the University of Michigan Transportation Research Institute.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
All About the 2018 Honda Accord
The common wisdom seems to be that midsize cars have pretty much had it in the U.S. new car market.