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Bearing manufacturer SKF is optimistic about China's automobile market

Sep 01 ,2019

SKF, a Swedish bearings manufacturer, expects demand for its major industrial businesses to remain stable in the third quarter, noting that unexpected improvements in China's car market, which had been falling before, drove its share price up 4%.

The world's largest industrial bearings manufacturer SKF reported a 13% drop in second-quarter profits due to restructuring costs and impairment losses, falling to 2.54 billion kroner ($270.47 billion) from 2.93 billion kroner a year ago, behind analyst surveys'forecast of 2.62 billion kroner; but after removing these factors, cost cuts pushed it forward. Next, the company's profits exceeded expectations.

About 70% of SKF's sales come from the industrial sector, while the rest come from the automotive sector. The company has already felt the impact of the global auto market (especially in China) downturn and signs of slowing demand for industrial products. Skyfu said its overall organic sales fell 2% in the second quarter, the first quarterly decline in nearly three years, with a 7% decline in its automotive business alone.

However, the company pointed out that investors were surprised by signs of improvement in China's auto market. The company's auto business in China in June was flat compared with the same period last year. In the first half of 2019, China's auto sales fell by 12%, according to the China Automobile Industry Association.

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