Good Reports from Scania, SEB, SKF
As more first quarter reports are filed, several Swedish companies are showing healthy earnings.
Scania, Europe’s number four heavy truck maker, posted a bigger-than-expected rise in pretax profits Wednesday, with a 26 percent increase in operating income.
Domestic competitor Volvo, the world’s second largest truck maker, reported an unexpected 23 percent jump in first-quarter earnings Tuesday. The improvement in truck sales is attributed to buying ahead of upcoming tighter emissions controls in Europe and North America.
The Swedish bank SEB reported a better-than-expected 36 percent increase in first quarter operating profits Wednesday, boosted by strong capital markets.
SKF, the world’s biggest maker of ball bearings, also posted a 36 percent rise in its profit for the period, saying it expects an even better second quarter.