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.

Other News:
SKF Says Won't Reach Automotive Unit Target in '08
SKF Timing Belt Kits - protection leads to profits
High Performance Radial Shaft Seals - now Available from SKF (Pic)
FAG Bearings India Q2 Net Profit jumps to Rs 31.13 Crores
Timken Will Supply Steel for Antenna Tower on Freedom Tower
Bearing Man Group Rename and Rebrand Itself as BMG
Federal-Mogul Cutting 4,000 Jobs
ThyssenKrupp Expanding PSL Large Bearing Output in Slovakia