SKF Q3 pretax tops forecast, raises targets

STOCKHOLM, Oct 19 (BestGrowthStock) – Sweden’s SKF, (SKFb.ST: ) the
world’s biggest bearings maker, posted a bigger-than-expected
rise in third-quarter earnings and rolled out higher financial
targets while forecasting a continued rise in demand.

SKF reported a pretax profit of 1.95 billion Swedish crowns
($291.9 million) compared to a year-ago 689 million to beat the
1.65 billion seen in a Reuters poll of 18 analysts.

The company said it was raising its financial targets,
setting its sights on a 15 percent operating margin compared to
the previous goal of 12 percent and sales growth of 8 percent
compared to the previous 6-8 percent target.

SKF Q3 pretax tops forecast, raises targets