SKF has reported net sales of SEK57 782 million for the year to date 2015, compared with SEK52 476 million in the same period of 2014.

In Q3, net sales were SEK18 367 million, compared to SEK17 787 million.

‘The expected weakening of market demand that we flagged for in July materialised and gathered pace during the quarter, especially in Asia and North America,’ said president and CEO Alrik Danielson. ‘As a result, sales in local currency declined by 5%. Production rates were reduced during the quarter and inventories were kept under control. Our financial performance was impacted by the lower sales volumes.

‘In Europe, we saw growth in the railway sector but significantly weaker demand in both the energy and metals sectors. In North America and Asia, overall industrial demand was significantly lower, with the exception of the energy sector in Asia, which saw significant growth.

‘Our automotive business grew in line with overall market development in Europe but not in North America,' he noted.

‘The demand for SKF’s products and services is expected to be lower for the Group where demand for the automotive market is expected to be relatively unchanged, while demand for the specialty business is expected to be slightly lower and demand for the industrial market is expected to be lower. Split by markets, demand is expected to be relatively unchanged in Europe and Latin America and significantly lower in North America and Asia.’

This story is reprinted from material from SKF, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.