Bearings maker SKF narrowly beats profit forecast as demand recovers

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20210722/1626940364560747.png" title="1626940364560747.png" alt="6.png"/></p><p>&nbsp;SKF&nbsp;expects demand to continue to grow in the third quarter, the world&#39;s biggest maker of industrial bearings said on Tuesday, after reporting earnings slightly above market forecasts.<br/><br/>The Swedish firm, which rivals Germany&#39;s Schaeffler , saw many of its major markets in lockdown during the COVID-19 pandemic, but has been helped by a strong demand recovery among its automotive customers.<br/><br/>SKF said it expected an organic growth of around 10% in the third quarter versus a year ago.<br/><br/>&quot;Looking ahead, demand is expected to remain strong but there is also uncertainty related to both COVID and to the supply situation,&quot; Chief Executive Officer Rickard Gustafson, who took the reins last month, said in a statement.<br/><br/>Quarterly organic net sales were up 33.2% year-on-year with SKF&#39;s automotive business, which generates about 30% of overall sales, up 75.9% and its industrial division, which accounts for 70% of sales, up 21.7%.<br/><br/>SKF&#39;s second-quarter operating earnings rose to 2.88 billion Swedish crowns ($331.3 million) from 669 million a year earlier, versus the 2.81 billion mean analysts&#39; forecast according to a&nbsp;Refinitiv&nbsp;poll.</p>