SKF's net sales for the third quarter ended 30 September 2015 were up 3.26% year on year to SEK18.36bn (US$2.22bn) . Operating profit was down 12% to SEK1.82bn.

Profit before taxes was down 26.2% to SEK1.34bn. Net profit was down 44.9% to SEK775m.

Sales for the nine months ended 30 September 2015 rose 10.1% to SEK57.8bn but operating profit fell 4.3% to SEK5.92bn. Profit before taxes was down 3.61% to SEK5.18bn and net profit was down 5.8% to SEK3.64bn.

Alrik Danielson, president and CEO said, "The expected weakening of market demand that we flagged in July materialised and gathered pace during the quarter, especially in Asia and North America. As a result, sales in local currency declined by 5%. Production rates were reduced during the quarter and inventories were kept under control. Our financial performance was impacted by the lower sales volumes.

"Agreements have been reached with almost all of the 1,500 white-collar staff that is part of our cost reduction programme. Given current market conditions, these actions alone are, however, not sufficient and we will continue our cost reduction activities across the group.

"Our automotive business grew in line with overall market development in Europe but not in North America.

"Entering the fourth quarter, we expect the macro-economic uncertainty to continue and as a consequence we expect demand in the fourth quarter to be slightly lower sequentially and lower year over year. We are adjusting our production levels accordingly."