BUZZ-Q3 margin beat enough to lift SKF shares

Reuters10-30

** Shares in SKF rise over 5% after the Swedish industrial bearings maker's Q3 margin beat consensus despite lower market demand across most regions and industries

** SKF flagged particularly weak demand in China and within Automotive

** J.P.Morgan notes the adj. EBIT margin of 11.9% beating the 11.4% seen by consensus, despite organic sales miss (-4.4% vs consensus of -2.9%)

** "For the stock today, expectations were low coming in, with the 2024 guidance cut expected," JPM added

** Jefferies also notes the better margin development, and better execution, adding that it sees consensus estimates will not change much

** The stock, on track for best day since Feb. 2023, is one of top performers on pan-European STOXX 600 index

(Reporting by Marta Frąckowiak)

((marta.frackowiak@thomsonreuters.com))

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