Date: 2013-08-01

SKF First-Quarter Net Rises 7.9% on Energy, Farming

SKF AB, the world's largest maker of bearings, said first-quarter profit rose 7.9 percent as rising demand from energy and farm-equipment customers enabled it to pass on raw-materials price increases.

Net income increased to 1.26 billion kronor ($214 million), from 1.17 billion kronor, a year earlier, in line with analyst estimates in a Bloomberg survey. Sales advanced 8.5 percent to 15.6 billion kronor, beating estimates of 15.06 billion kronor.

SKF, the first of Europe's large capital goods makers to report this quarter, is seen as a bellwether for other industrial companies because its products are used in a wide range of motorized equipment. Rising investments in wind turbines, tractors and other machinery helped the Gothenburg, Sweden-based company raise prices, overcoming higher costs for the metal and components it buys.

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