The Swedish bearing manufacturer SKF announced that the company had turned a profit in the first quarter of 2014, and both operating income and net profit had achieved year-on-year growth.

In the first quarter of 2014, SKF’s operating income rose from SEK 15.15 billion in the same period last year to 16.73 billion kronor, a year-on-year increase of 10.4%. Of the 10.4% growth, nearly half came from SKF's newly acquired US bearing manufacturer Kaydon at the end of 2013.

In the first quarter of the year, SKF’s sales in all regions of the world grew, with sales in Europe, North America, and Latin America achieving single-digit growth, and an increase of 10.6% in Asia, while in the Middle East and Africa as a whole. Market sales increased by 21.4% year-on-year.

In terms of net profit, SKF reached 1.28 billion kronor in the first quarter, and its net profit for the same period in 2013 was 820 million kroons, which was a year-on-year increase of 56%.

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