FX.co ★ SKF Q2 Profit Declines; Net Sales Down 6.6% On Organic Basis

SKF (SKFRY.PK) announced a reduction in its second-quarter profit before taxes, decreasing from 2.83 billion Swedish kronor last year to 2.11 billion Swedish kronor this year. The company reported basic earnings per share of 3.36 kronor, down from 4.48 kronor. Adjusted operating profit also saw a decline, coming in at 3.32 billion Swedish kronor compared to 3.61 billion kronor in the prior year, with adjusted earnings per share dropping to 5.19 kronor from 5.36 kronor.

Net sales fell to 25.61 billion Swedish kronor from 27.12 billion kronor in the previous year. On an organic basis, this represents a 6.6% decrease in net sales.

Looking ahead to the third quarter, SKF anticipates that organic sales will remain relatively unchanged compared to the same period last year. For 2024, the company forecasts a low single-digit decline in organic sales compared to 2023.