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Dienstag, 31.10.2017 13:45 von PR Newswire | Aufrufe: 70

SKF Nine-month Report 2017

Schriftzug "News" (Symbolbild). pixabay.com

PR Newswire

GOTHENBURG, Sweden, Oct. 31, 2017

GOTHENBURG, Sweden, Oct. 31, 2017 /PRNewswire/ --

Alrik Danielson, President and CEO:

"The third quarter was characterized by continued organic growth and operating margin improvement.

Net sales, at SEK 18.6 billion, increased organically by 8%. The industrial business grew by 9.5%, with strong growth in all regions. The automotive business grew by 4.9%.

Net debt decreased by SEK 1.3 billion, taking us below our net debt/equity target of 80%.

Our adjusted operating profit was SEK 2.2 billion, up 400 million from last year, giving an adjusted operating margin of 11.9%.

The automotive business has continued to strengthen its adjusted operating margin, which was 7.6%, driven by increased volumes and cost control.

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The industrial business delivered a significantly improved adjusted operating margin of 13.8%, driven by higher sales volumes and improved factory utilization rates.

During the quarter, we have seen the positive effects from the industrial distribution price increases announced in the first half of the year. Where contractual terms allow, we have also increased prices to OEMs.

On 24 October, we announced the latest step in consolidating our manufacturing footprint. We are expanding our existing sealing solution site in Salt Lake City, Utah, while we will close our factory in Seneca, Kansas.

The Gothenburg factory has developed a new line of spherical roller bearings for the wind segment. These bearings are among the first to be tested at the Sven Wingquist Test Centre in Schweinfurt, Germany.

We continue to make good progress in our rotating equipment performance offering. One recent example is the IMx-8 remote condition monitoring solution selected by a Nordic shipping company, supporting its efforts to improve reliability across its fleet of 10 oil and chemicals tankers. This compact system is a plug-and-play solution that is compatible with its existing maintenance system. Sensors detect machine parts and transmit signals online to SKF's certified Remote Diagnostic Center in Hamburg, Germany, where specialists report machinery deviations.

Entering the fourth quarter, we expect to see continued growth in all major regions, as reflected in our market outlook."

Key figures, SEKm	Q3 2017	Q3 2016	Jan-Sep 2017	Jan-Sep 2016
Net sales*	18,627	17,862	58,457	53,857
Adjusted operating profit**	2,211	1,811	7,004	5,803
Adjusted operating margin, %**	11.9	10.1	12.0	10.8
Items affecting comparability**	-246	380	-429	138
Operating profit	1,965	2,191	6,575	5,941
Operating margin, %	10.5	12.2	11.2	11.0
Adjusted profit before taxes**	1,938	1,669	6,303	5,225
Profit before taxes	1,692	2,049	5,874	5,363
Net cash flow after investments before financing	681	1,554	3,049	6,289
* Cash discounts are from January 1, 2017 classified as a reduction of Net sales. Previously published figures have been restated accordingly.
** Please see page 15 of report for definitions

Net sales change y-o-y, %	Organic	Structure	Currency	Total
Q3 2017	8.0	-0.7	-3.0	4.3
Jan-Sep 2017	8.2	-2.0	2.3	8.5

Organic sales change in local currencies, per region y-o-y, %

Europe

North America

Latin America

Asia

Middle East & Africa

Q3 2017

6.3

3.3

14.1

11.8

23.3

Jan-Sep 2017

4.7

8.7

11.9

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