SKF Posts Drop In Q1 Profit

SKF AB SKFRY reported a fall in its first-quarter net profit. SKF's quarterly net profit dropped to SEK1.3 billion, versus SEK1.6 billion in the year-ago period, versus analysts' estimates of SEK1.3 billion. Its sales climbed to SEK16.9 billion from SEK16.7 billion, versus analysts' estimates of SEK16.6 billion. SKF's operating profit declined to SEK2.1 billion verus SEK2.5 billion.