A two-speed year
At a press conference organised at the Industrial Union of Turin on 6 February, Ezio Miglietta, managing director of the Italian parent company SKF, presented the 2018 results: “The 2018 financial year was characterised by a two-speed sales trend. The first half of the year was very dynamic and brilliant, so much so that March was the best in the history of SKF Italia; the second half was mediocre. This trend was common to both the domestic and foreign markets”.
Total turnover before accounting consolidation exceeded one billion euros, with a slight increase compared to 2017. All areas made a positive contribution: Industrial +14%, Automotive&Aero +2%, Intercompany +1%.
On the cost side, the clouds concern raw materials, which were partially offset by production flexibility and price adjustment actions.
Operating profit increased by 7% compared to 2017, while operating profit rose from 9.7% in the previous year to 10.1%.
Outstanding results for the SKF Group.
“2018 was an excellent year for SKF – said Alrik Danielson, President and CEO – with record results and a much stronger balance sheet. Strong growth was seen in the industrial sector and also the automotive industry also continues to be resilient. Investments in the implementation of automated production technologies continued, with a further placement in Schweinfurt, Germany, and the opening of an automated assembly line for LEAP aircraft engines in Valenciennes, France.
For the first quarter of 2019, relatively unchanged volumes are expected for the Group, slightly higher for the Industrial sector and lower for the Automotive sector”.