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SKFRY - SKF Beats But The Downturn Could Still Turn Ugly
Aktiebolaget SKF ADR
Credit where due, SKF (OTCPK:SKFRY) posted an impressive earnings beat for the first quarter, with stronger margin trends than investors have seen at other industrials like Atlas Copco (OTCPK:ATLKY). The question is how sustainable that will be; SKF is very sensitive to demand in auto and short-cycle industrials, and the second quarter is going to be brutal. On top of that, the company went into this downturn with high inventories and not many positive offsets.