Connect with us


SKF Nine-month report 2020: Strategy implementation continues to drive strong results


GOTHENBURG, Sweden, Oct. 27, 2020 /PRNewswire/ —

Alrik Danielson, President and CEO:

"SKF’s transformation into a more customer-focused, innovative and lean business continues. Our strong results in the third quarter illustrate that we are delivering on the implementation of our strategy, including new ways of working, developing better, more attractive customer offers as well as making our manufacturing closer and more responsive to customer needs.

Despite an organic sales decline of 5.1% compared to last year, we improved our adjusted operating margin to a very strong 13.3% (11.3%).

Net sales at SEK 18.6 billion were lower than last year but illustrating a sequential rebound in demand since the significantly lower levels seen during the second quarter. Cash flow during the quarter was SEK 2,266 million, driven mainly by reduced working capital.

Sales in Europe decreased by 12.5% organically. Sales in North America decreased by 11.9%, Latin America increased by 4.6% and Asia increased by 7.2%.

The Industrial business delivered an adjusted operating margin of 15.8% (13.9%), with organic sales down 6.9%. The Automotive business delivered an adjusted operating margin of 7.4% (4.6%), with organic sales down 0.7%.

We are accelerating our efforts to regionalize, consolidate and modernize our manufacturing footprint. During the quarter we announced an investment totalling SEK 550 million in North America, bringing world-class processes and automation to our slewing bearing facility in Sumter, as well as locating taper roller bearing manufacturing in Mexico, from China. These investments will make our offer and position in North America even stronger. The resulting improvements in flexibility and service levels enables us to consolidate the factories in Avon, Ohio and North Charleston, South Carolina into the Sumter factory.

We also continue to adjust our ways of working and the structure of our business, resulting in restructuring costs of SEK 462 million during the quarter. However difficult these decisions are to make, this flexibility also enables us to adjust our business swiftly, whilst also investing in the competences needed for the future.

Uncertainty surrounding the near-term economic climate makes it difficult to provide a reliable demand outlook for the fourth quarter. As a result of this uncertainty in the economy, the Board has decided not to call for an Extraordinary General Meeting with the purpose of proposing an additional dividend for 2019.

The transformed SKF of 2020 is well-positioned to respond to differing demand scenarios. We will continue to invest in making our offers stronger, our operations leaner and our innovation pace higher."

Key figures, SEKm unless otherwise stated

Q3 2020

Q3 2019

Jan-Sep 2020

Jan-Sep 2019

Net sales





Adjusted operating profit





Adjusted operating margin, %





Operating profit





Operating margin, %





Adjusted profit before taxes





Profit before taxes





Net cash flow after investments before financing





Adjusted earnings per share





Basic earnings per share





Net sales change y-o-y, %, Q3





SKF Group












Net sales change y-o-y, %, Jan-Sep 2020





SKF Group












Organic sales change in local currencies, per region y-o-y,
%, Q3


North America

Latin America


Middle East
& Africa

SKF Group













Organic sales change in local currencies, per region y-o-y, %,
Jan-Sep 2020


North America

Latin America


Middle East
& Africa

SKF Group









Outlook and guidance

Demand for Q4 2020 compared to Q4 2019

The industries and regions in which SKF operates are being impacted by initiatives by authorities and by SKF’s customers related to the spread of the Covid-19 virus.

As a result of this uncertainty, it is not feasible to provide a reliable demand guidance for the fourth quarter.

Guidance Q4 2020

  • Financial net: SEK -200 million

Guidance 2020

  • Tax level excluding effects related to divested businesses: around 29%.
  • Additions to property, plant and equipment: around SEK 3,300 million.

A Webcast will be held on 27 October 2020 at 14:00 (CET):

Please use the following link to join the Webcast:


Aktiebolaget SKF (publ)

This is information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 13:00 CET on 27 October 2020.

For further information, please contact:
PRESS: Theo Kjellberg, Director, Press Relations
tel: 46 31 337 6576, mobile: 46 725-776576
e-mail: [email protected] 

Patrik Stenberg
Head of Investor Relations
+46 31-337 2104; 46 705-472 104
[email protected] 

This information was brought to you by Cision–strategy-implementation-continues-to-drive-strong-results,c3226043

The following files are available for download:



Pacific Premier Bank Makes $200,000 Grant to Susan G. Komen’s Patient Navigation Initiative for Breast Health in Orange County


Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank (the Bank), announced today the Bank has contributed a grant of $200,000 to Susan G. Komens recently launched pilot program, the Patient Navigation Initiative (PNI) for Breast Health in Orange County, California. The PNI will provide curriculum-based navigation services to patients in an effort to improve the outcomes among underserved populations who are dying from breast cancer at disproportionately higher rates.

The Bank is the first corporate partner to invest in the program, which addresses health inequalities and improves access to breast cancer care in Orange County, California. Cancer is the second leading cause of death in Orange County. An average of five women per day are diagnosed with breast cancer and one woman dies from the disease every day. Susan G. Komen helps women and men, particularly those with little or no health insurance, receive breast health education, screening, treatment, and support.

Orange County remains a key community for Susan G. Komen to carry out several of the organizations key mission priorities, said Megan Klink, Vice President of Susan G. Komens West Region. Komens Orange County community is poised to do this important, innovative work together with our local partners to tackle cancerthe second leading cause of death in Orange County.

PNI is based on a patient-centered delivery model designed to improve access to healthcare services, guide patients through a complex and confusing healthcare system, and overcome various barriers to healthcare. The pilot initiative will primarily serve low-income, uninsured, or underinsured women.

PNI is the first initiative of its kind in the Susan G. Komen organization to focus on workforce development in order to contribute to earlier detection for Orange County residents battling breast cancer. The program will train and mobilize Community Health Workers and Patient Navigators to assist low-income women in navigating through breast cancer services, treatment, and resources. These trained workers will establish and implement protocols and tracking mechanisms to ensure all patients have access to breast health screenings, mammography, and the support for completing treatment “ key to a cancer patients survival.

Pacific Premiers donation is responsive to the need to address equitable health and well-being for low-income and other vulnerable populations in Orange County, said Steve Gardner, Chairman, President, and CEO of Pacific Premier Bancorp, Inc. We are proud to be a key health equity partner with Susan G. Komen to address this gap in care and build a strategic initiative that will benefit not only underserved patients, but also our local economy. We see this as an enormous avenue to strengthen the role that Patient Navigators play in healthcare delivery and care coordination, aiming at improving a breast cancer patients access to care.

This unique 3-year PNI pilot program will begin with residents of Orange County, with a long-term goal for Susan G. Komen to replicate the program and impact in other communities around the country.

For more information about the Patient Navigation Initiative from Susan G. Komen, visit

About Susan G. Komen

Susan G. Komen is the worlds largest breast cancer organization, funding more breast cancer research than any other nonprofit while providing real-time help to those facing the disease. Komen has set a Bold Goal to reduce the current number of breast cancer deaths by 50 percent in the U.S. by 2026. Komen was founded in 1982 by Nancy G. Brinker, who promised her sister, Susan G. Komen, that she would end the disease that claimed Suzys life. Komen is working to better the lives of those that face breast cancer in Orange County. Through events like the MORE THAN PINK WALK in Orange County, Komen has invested more than $42 million in community breast health programs and has helped contribute to the more than $920 million invested globally in research. For more information, visit

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent company of Pacific Premier Bank, a California-based commercial bank focused on serving small, middle-market, and corporate businesses throughout the western United States in major metropolitan markets in California, Washington, Oregon, Arizona, and Nevada. Founded in 1983, Pacific Premier Bank has grown to become one of the largest banks in the western region of the United States, with approximately $20 billion in total assets. Pacific Premier Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. Pacific Premier Bank also offers a wide array of loan products, such as commercial business loans, lines of credit, SBA loans, commercial real estate loans, agribusiness loans, franchise lending, home equity lines of credit, and construction loans. Pacific Premier Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $15 billion of assets under custody and approximately 44,000 client accounts comprised of self-directed investors, financial institutions, capital syndicators, and financial advisors. Additionally, Pacific Premier Bank provides nationwide customized banking solutions to Home Owners’ Associations and Property Management companies. Pacific Premier Bank is an Equal Housing Lender and Member FDIC. For additional information about Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our website:

Pacific Premier Bancorp, Inc.

Steven R. Gardner

Chairman, President and Chief Executive Officer


Brett Villaume

SVP, Director of Investor Relations


Continue Reading


NanoString Unveils Spatial Molecular Imaging Platform, Complementing GeoMx DSP to Provide Compelling Product Roadmap for Spatial Biology


NanoString Technologies, Inc. (NASDAQ:NSTG), a leading provider of life science tools for discovery and translational research, today announced the development of a spatial molecular imaging platform, a next generation solution for multiplexed analysis of RNA and protein expression for individual cells within a tissue sample.

The spatial molecular imager combines the power of high-plex profiling with high-resolution imaging to enable the analysis of hundreds to thousands of RNAs or proteins directly from single cells within morphologically intact tissue samples. The platform utilizes the companys advanced Hyb & Seq chemistry, which over the last 18 months has been optimized for in situ spatial analysis. The platform is capable of profiling RNA and protein within a single cell down to sub-cellular resolution in multiple tissue types. To date, prototype systems have imaged RNA from as many as 1,000+ genes simultaneously across thousands of individual cells in Formalin-Fixed Paraffin Embedded (FFPE) tissue.

Tissue biology takes place on several spatial scales including multi-cellular, single cell and the sub-cellular levels. The GeoMx Digital Spatial Profiler (DSP) enables multi-cellular analysis at the whole transcriptome level to elucidate the behavior of populations of cells, such as those within a tumor or the tumor microenvironment. NanoString is developing the spatial molecular imager to address the unmet need for high-plex spatial analysis of single cells and sub-cellular resolution, ideally suited for targeted applications, such as creating cell atlases or studying cell-cell interactions. The GeoMx DSP and the spatial molecular imager are highly synergistic, creating a spatial biology portfolio that spans the continuum from targeted to whole transcriptome analysis, and from multicellular resolutions down to single cell and sub cellular applications.

Spatial imagers measuring RNA and protein in situ at single-cell and sub-cell resolution are expected to emerge as an important product category over the next several years, said Brad Gray, president and CEO. Our spatial molecular imaging platform can profile RNA and protein in FFPE with category-leading plex as well as high sensitivity and high resolution. Together, our GeoMx DSP and spatial imager form the leading spatial biology portfolio, spanning from discovery and translational research to clinical diagnostics.

Researchers and clinicians have gained tremendous insights from the revolution in single cell biology in recent years, but the cellular context was always lost, said Christopher Mason, Ph.D., a geneticist who recently published research using GeoMx. Now, biological discoveries can be elucidated from high-plex, multi-omic spatial imaging, revealing the key spatial interactions within and between normal or diseased tissues (e.g. COVID-19, cancer) and how these cells communicate and mediate phenotypes, change over time, and respond to therapies.

Spatial molecular imaging opens up new possibilities to understand the diversity of T-cells infiltrating a tumor at the single cell level without dissociating tissue. Our work under the Technology Access Program has produced results on the location of different T-cell subsets and their interaction with tumors and could reveal which T-cell subsets are most important for controlling tumors, said Evan Newell, Ph.D., Associate Professor, Vaccine and Infectious Disease Division, the Fred Hutchinson Cancer Research Center.

The company plans to provide researchers access to the prototype versions of spatial molecular imaging platform through a Technology Access Program (TAP) beginning in 2021. Under the program, a TAP customer can submit tissue samples to NanoString to be analyzed using the spatial molecular imager and resulting data analysis reported back to the customer by NanoString. Full commercial launch of the spatial imaging solution consisting of instruments, consumables, and software is expected in the second half of 2022.

The Hyb & Seq chemistry was originally developed as part of a hybridization-based sequencing program. The company formed a strategic collaboration with Lam Research, under which Lam Research provided $50 million in funding and access to their industry-leading semi-conductor technology. This collaboration resulted in a robust and scalable chemistry that can be applied to a wide range of applications.

The company is hosting an Investor and Analyst Day webcast at 11:30am ET on Tuesday, December 1st, and will highlight the development program and new capabilities of the platform. Interested parties can access the webcast through the company’s website at The webcast will be available on the company site for 90 days.

Researchers interested in participating in NanoStrings Technology Access Program should contact us at [email protected].

To learn more about NanoStrings GeoMx Digital Spatial Profiler, please visit

About NanoString Technologies, Inc.

NanoString Technologies is a leading provider of life science tools for discovery and translational research. The companys nCounter Analysis System is used in life sciences research and has been cited in approximately 3,800 peer-reviewed publications. The nCounter Analysis System offers a cost-effective way to easily profile the expression of hundreds of genes, proteins, miRNAs, or copy number variations, simultaneously with high sensitivity and precision, facilitating a wide variety of basic research and translational medicine applications, including biomarker discovery and validation. The companys GeoMx Digital Spatial Profiler enables highly-multiplexed spatial profiling of RNA and protein targets in a variety of sample types, including FFPE tissue sections.

For more information, please visit

NanoString, NanoString Technologies, the NanoString logo, GeoMx, and nCounter are trademarks or registered trademarks of NanoString Technologies, Inc. in various jurisdictions.

Doug Farrell, NanoString

Vice President, Investor Relations & Corporate Communications

[email protected]

Phone: 206-602-1768

Continue Reading


HSBC USA Observes #GivingTuesday with $400,000 In New Contributions to Feeding America, American Red Cross and to Address Evictions Crisis


HSBC Bank USA kicks off the year-end giving season with announcements on Giving Tuesday of increased contributions to organizations providing humanitarian relief from a number of crises impacting American this year, including economic disruptions caused by the COVID-19 pandemic, and the wildfires on the Pacific coast.

The bank announced:

  • $100,000 donation to the American Red Cross for its programs assisting people impacted by wildfires in California, Oregon and Washington;
  • An additional $50,000 to Feeding America to support efforts to inspire other people to contribute to the organizations food banks during this period of increasing food insecurity. Earlier this year, HSBC USA made a $2 million donation to help stock Feeding America food banks nationwide;
  • A $250,000 grant to a rental resilience fund to address the urgent crisis of low-income families being evicted from rental properties.

In 2020, HSBC USA has contributed a total of $4.4 million for social services and community economic development, including $800,000 in grants to select Community Development Financial Institutions (CDFI) to support minority, women and immigrant-owned small businesses and promote economic revitalization. Other grants included employee-driven volunteer partnerships that addressed the unique challenges of 2020 including to Special Olympics to help train special needs athletes virtually, and GlamourGals to help prevent social isolation among seniors.

Also, HSBC USA provided $10M in funding to support the New York Forward Loan Fund to make affordable, flexible capital available to participating CDFIs so they can make rapid recovery loans to small businesses, nonprofits and small landlords in hard-hit communities

Every year, #GivingTuesday provides everyone a reminder that there are people and communities across the country in need, and that we can each make a positive impact through charitable giving, said Kelly W. Fisher, head of Corporate Sustainability for HSBC Bank USA. Given the extreme challenges of 2020, we hope that everyone who is able to help joins us in this time of giving.

HSBC USA credit card holders are able to offer support to Feeding America, American Red Cross, Special Olympics, GlamourGals and more than 1,000 other charities, by redeeming HSBC Rewards points for CharityChoice Gift Cards and designating the amount of gifts to up to three charities.

Note to editors:

About HSBC

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of FDIC. Investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.

Media enquiries to:

Rob Sherman (646) 939-6998 [email protected]

US Head of Media Relations


Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
gbafNews28 gbafNews28
News35 mins ago

Centripetal Ranked Number 124 of the Fastest Growing Companies in North America on Deloitte’s 2020 Technology Fast 500™

Centripetal today announced it ranked 124th on Deloittes Technology Fast 500„¢, a ranking of the 500 fastest growing technology, media,...

gbafNews28 gbafNews28
News35 mins ago

Viseon MaxView™ System Accelerates Adoption of Minimally Invasive Spine Surgery Procedures

Viseon, Inc., a leader in minimally invasive spine surgery visualization technologies, today announced MaxView„¢ facilitates more rapid adoption of Minimally...

gbafNews28 gbafNews28
News35 mins ago

BlackRock Unveils New Offering to Power Investors’ Transition to Net Zero Emissions

Building on BlackRocks strength in risk management through the Aladdin platform, BlackRock today announced it has created Aladdin Climate to...

gbafNews28 gbafNews28
News35 mins ago

Kount Partners With Snowflake to Deliver Actionable Customer Insights for eCommerce Providers to Improve Customer Experience, Lower Friction, Increase Conversions and Uncover Cross-sell and Upsell Opportunities

Kount, the leader in identity trust and digital fraud protection, today announced a partnership with Snowflake, provider of Data Cloud,...

gbafNews28 gbafNews28
News35 mins ago

Biodesix Publishes Extended Analyses of the Nodify XL2® Lung Nodule Test

Biodesix, Inc. (Nasdaq: BDSX) a leading data-driven diagnostic solutions company with a focus in lung disease, today announced publication of...

gbafNews28 gbafNews28
News35 mins ago

HSBC USA Observes #GivingTuesday with $400,000 In New Contributions to Feeding America, American Red Cross and to Address Evictions Crisis

HSBC Bank USA kicks off the year-end giving season with announcements on Giving Tuesday of increased contributions to organizations providing...

gbafNews28 gbafNews28
News35 mins ago

NanoString Unveils Spatial Molecular Imaging Platform, Complementing GeoMx DSP to Provide Compelling Product Roadmap for Spatial Biology

NanoString Technologies, Inc. (NASDAQ:NSTG), a leading provider of life science tools for discovery and translational research, today announced the development...

gbafNews28 gbafNews28
News35 mins ago

Pacific Premier Bank Makes $200,000 Grant to Susan G. Komen’s Patient Navigation Initiative for Breast Health in Orange County

Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank (the Bank), announced today the Bank has...

gbafNews28 gbafNews28
News35 mins ago

H.I.G. Growth Partners Completes Strategic Transaction with The Center for Digestive Health and Pinnacle GI Partners

H.I.G. Growth Partners (“H.I.G.”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce that one of...

gbafNews28 gbafNews28
News35 mins ago

DataTribe Announces Third Annual Cybersecurity Start-Up Challenge Finalists

DataTribe, a global cyber foundry that invests in and co-builds next-generation cybersecurity and data science companies, announced today the finalists...