Sweden's SKF said on Thursday that "exceptional" cost inflation had peaked and been fully offset as the world's biggest maker of industrial bearings reported higher underlying fourth-quarter earnings, lifting its shares. For the first time in well over a year, SKF's pricing fully compensated for the cost surge coursing through the economy and CEO Rickard Gustafson said inflationary pressures, while still a challenge, had finally begun to moderate. Still, markets are expected to remain volatile and the company said it expected mid-single-digit like-for-like sales growth in the first quarter and for the full year, representing a slowdown from a rise of 9.7% for the fourth quarter.
SKFRY, BSBR and GNTX have been added to the Zacks Rank #5 (Strong Sell) List on December 8, 2022.
(Reuters) -Swedish bearings maker SKF said on Thursday it was looking at the ownership of its aerospace business, amid ongoing consolidation in the industry, in a strategic review. In a statement ahead of its capital markets day, SKF confirmed reports of the review of the aerospace business, which brokerage Berenberg said accounts for around 5% of group sales. Chief Executive Rickard Gustafson said that SKF was unable to commit to a time frame for the review, but said it could reveal areas of "significant shareholder value".