SKF Sales Fall 2.5% In Q3

While the company posted another quarterly sales decline year-over-year, it was a considerable improvement over the past two quarters.

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Swedish bearings maker SKF reported its 2016 third quarter fiscal results on Wednesday, which included a 2.5 percent year-over-year sales decline. The dip follows declines of 8 percent in Q2 and 8.9 percent in Q1.

The company posted Q3 sales of $2 billion, while profit of $247.1 million was a 20 percent increase.

Organically, sales were down 0.6 percent in Q3, following declines of 4.4 percent and 6.1 percent in Q2 and Q1, respectively.

Geographically, Q3 organic sales fell by 3.5 percent in North America, fell 0.6 percent in Europe, fell by 6.5 percent in Latin America, increased 3.8 percent in Asia/Pacific and increased 0.3 percent in Middle East & Africa.

SKF on June 9 announced the closure of its San Diego and Baltimore plants and consolidation of its Hanover, PA site.

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