SKF third quarter net profit fell 23.55% year on year to SEK1.27bn (US192m).

Operating profit fell 22.83% to SEK1.91bn. Profit before taxes declined 26% to SEK1.7bn.

Net sales slipped 6.4% to SEK15.5bn.

President and CEO Tom Johnstone said in a statement: “The macro economic development and increasing uncertainty which was evident during the last few months has clearly influenced our business. Our sales weakened as we went through the quarter and this was mainly seen in many of our industrial markets as well as in the European and particularly in the Asian region.

“We took additional steps to reduce our production to both meet this lower demand and to reduce our inventories.

“For the group overall we expect the weaker demand trend to continue in the fourth quarter and demand to be lower year over year. We will run our production below sales to enable us to reduce our inventories and to support our cash flow.”

Fourth quarter demand is expected to be lower for the group and for Europe but relatively unchanged for automotive activities.