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Swedish manufacturer SKF reported sales for the fourth quarter of SEK 15 billion (US$2.4 billion), a 7.8 percent decrease compared to the same period a year ago. Profit fell 16.1 percent to SEK 1 billion (US$157.4 million).
For the full year, sales were SEK 64.6 billion (US$10.2 billion), an increase of 2.5 percent from the prior year. Profit fell 22 percent to SEK 4.9 billion (US$771 million).
"For the full year our sales were slightly down in local currencies with growth in North America and Latin America and lower sales in Europe, Asia and Middle East and Africa. We significantly reduced inventories in the year and delivered a very good cash flow, giving us a continued strong financial position," said Tom Johnstone, president and CEO.