Swedish manufacturer SKF reported fourth quarter sales were down 14.8% in SEK, primarily due to lower volumes. Profit declined by 38.3%.

Full year sales were down 11.3% in SEK; profit fell by 64%.

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Tom Johnstone, president and CEO, said: \”SKF delivered a strong cash flow in the quarter and a record cash flow for the year. Our operating margin was 7.2% in the quarter, supported by the major cost reduction activities in the operations. Demand for the Group improved slightly in the quarter but was still significantly lower than a year ago. Additional steps were taken to further adapt our manufacturing structure and costs towards a lower level of demand.

\”Going forward into 2010 we see a slightly higher demand in the first quarter both sequentially and compared to the first quarter 2009. However, as the demand outlook is still uncertain we will continue to adapt our cost structure while stepping up our activities in the faster growing areas of our business and in developing new environmental offerings.\”