SKF hosts Capital Markets Day

Rhea-AI Summary

SKF hosted its Capital Markets Day in London on December 8, 2022, presenting strategic updates to investors and analysts. CEO Rickard Gustafson outlined the Group's focus areas, highlighting the Industrial business developments in the Americas and India, as well as the global Automotive sector. A strategic review of the Aerospace business was also announced due to industry consolidation. For Q4 2022, SKF expects organic sales growth of approximately 10%, anticipating full-year growth to be in the upper range of 4-8% as previously guided.

Positive

• Expected organic sales growth of about 10% for Q4 2022.
• Full-year organic growth forecast adjusted to the upper part of the 4-8% range.

Negative

• Ongoing strategic review of the Aerospace business amid industry consolidation.

GOTHENBURG, Sweden, Dec. 8, 2022 /PRNewswire/ -- SKF is hosting its Capital Markets Day in London today. At the event, investors, analysts and members of the media will be given an update on the Group's strategic development and focus areas moving forward.

The event will profile a number of areas of SKF's global operations, including details of the Group's Industrial business in the Americas and India, the global Automotive business as well as a number of emerging businesses, including magnetic bearings and RecondOil.

At the event, President and CEO Rickard Gustafson will announce that the Group is conducting a strategic review of its Aerospace business, considering ongoing consolidation in the industry.

Rickard Gustafson will also be re-confirming the Group's long-term financial targets and the Group's outlook for the fourth quarter: "Looking into the fourth quarter of 2022 we expect organic sales growth of about 10% and, as a result, we expect organic growth for the full year to end in the upper part of our previously guided range of about 4-8%."

Presentation materials from the Capital Markets Day, as well as a live webcast feed, is available on the Group's Investor Relations website: https://investors.skf.com/en

Aktiebolaget SKF

CONTACT:

For further information, please contact: PRESS: Theo Kjellberg, Director, Press Relations

tel: 46 31 337 6576, mobile: 46 725-776576, e-mail: theo.kjellberg@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations

Patrik Stenberg, 46 31-337 2104; 46 705-472 104; patrik.stenberg@skf.com

 

The following files are available for download:

https://mb.cision.com/Main/637/3679049/1721497.pdf

20221208 SKF hosts Capital Markets Day

View original content:https://www.prnewswire.com/news-releases/skf-hosts-capital-markets-day-301698170.html

SOURCE SKF

FAQ

What were the key highlights from SKF's Capital Markets Day on December 8, 2022?

SKF highlighted strategic updates, including developments in their Industrial and Automotive businesses, and announced a review of their Aerospace division.

What is the expected organic sales growth for SKF in Q4 2022?

SKF expects organic sales growth of about 10% for Q4 2022.

What is SKF's full-year organic growth forecast for 2022?

SKF anticipates full-year organic growth to be in the upper part of the previously guided range of 4-8%.

Who is the CEO of SKF and what did he announce at the Capital Markets Day?

CEO Rickard Gustafson announced a strategic review of the Aerospace business and reaffirmed long-term financial targets.