SKF Sales Down 1.5% in 2013 - Modern Distribution Management

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SKF Sales Down 1.5% in 2013

Fourth-quarter profit for the Swedish manufacturer was negatively impacted by costs associated with the acquisition of Kaydon.

Swedish bearing manufacturer SKF reported sales for 2013 of SEK 63.6 billion (US$9.9 billion), down 1.5 percent from sales in 2012. Profit was SEK 1 billion (US$155.7 million), compared with SEK 4.8 billion (US$747.4 million) a year ago.

For the fourth quarter, sales were SEK 16.4 billion (US$2.6 billion), a 10 percent increase over the same period a year ago. The manufacturer recorded a net loss of SEK 2 billion (US$311.4 million) for the quarter, compared with a year-ago profit of SEK 969 million (US$150.9 million).

“During the quarter SKF completed the acquisition of Kaydon which enables us to better support our customers with a more complete offer," said Tom Johnstone, president and CEO. "Their sales and operating profit developed as planned and the integration into the Group is going very well."

Fourth-quarter profit was negatively impacted by an expected fine from the European Commission and one-off costs related to the Kaydon acquisition and restructuring.

SKF opened four new Solution Factories in the quarter, bringing the current total to 27 worldwide. The company also opened two Global Technical Centers in Europe to support research and development.

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