SKF Q3 pretax tops forecast, sees weaker demand
STOCKHOLM, Oct 16 (Reuters) - World number one bearings maker SKF (SKFb.ST: Quote, Profile, Research, Stock Buzz) reported higher-than-expected third-quarter pretax earnings on Thursday but said it expected market demand to weaken slightly in the coming months.
The company posted a pretax profit of 1.86 billion Swedish crowns ($259 million) versus a year-ago 1.65 billion to come in ahead the 1.71 billion seen in a Reuters poll of 13 analysts.
"For the fourth quarter we expect slightly lower demand both compared to the third quarter this year and the fourth quarter last year," the company said in the report.
"As a result of this we have intensified our actions addressing the cost and capital situation in the group."
(Reporting by Niklas Pollard and Johannes Hellstrom)
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