Swedish bearing manufacturer SKF reported sales for 2014 of SEK 70.9 billion (US$8.6 billion), up 11.6 percent from sales in 2013. Profit was SEK 4.7 billion (US$574.3 million), compared with SEK 1 billion (US$126.2 million) a year ago.
For the fourth quarter, sales were SEK 18.4 billion (US$2.2 billion), a 12.6 percent increase over the same period a year ago. Profit was SEK 881 million (US$106.5 million) for the quarter, compared with a year-ago loss of SEK 2 billion (US$247 million).
"Our industrial business gained some momentum while, as expected, the automotive business slowed somewhat. Geographically, Asia once again had the strongest growth and North and Latin America developed well, while Europe remained relatively unchanged," said Alrik Danielson, president and CEO.