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Bearings maker SKF Q1 core profit beats, sees sales dip in Q2

Sweden's SKF, the world's biggest maker of industrial bearings, reported adjusted first-quarter earnings that topped market expectations in the face of slowing demand and said it expected softer like-for-like sales in the second quarter. SKF reported adjusted operating earnings of 3.30 billion Swedish crowns ($303 million) in the quarter compared to 3.48 billion a year ago and above a mean forecast of 3.11 billion, according to a LSEG compilation of analyst estimates. The Gothenburg-based company, whose bearings are found in products such as cars, tools and wind turbines, forecast a mid-single-digit like-for-like sales decline in the second quarter after sales fell 7% organically in the first quarter.