Date: 2013-08-01

SKF Says Won't Reach Automotive Unit Target in '08

World number one bearings maker SKF's (SKFb.ST: Quote, Profile, Research, Stock Buzz) top executive said on Thursday that its automotive business was unlikely to reach its target of an operating margin of 6 to 7 percent this year.

"Unfortunately I've got to say that we will not hit our between 6 and 7 percent margin (target) for the year," SKF Chief Executive Tom Johnstone told Reuters after the group issued its its third-quarter earnings report.

The automotive division posted an operating margin of 5.7 percent in the third quarter, up from 5.6 percent in the corresponding period of last year.

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