Swedish manufacturer SKF reported sales for the fourth quarter were SEK 16.3 billion (US$2.4 billion), up 5.5 percent over the same period a year ago. Profit fell 11 percent to SEK 1.2 billion (US$177.4 million).
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For the full year 2011, sales were SEK 66.2 billion (US$9.8 billion), up 8.5 percent in a year-over-year comparison. Profit increased 17 percent to SEK 6.2 billion (US$916.8 million).
\”Looking into the first quarter we still see uncertainty in demand in Europe and in our automotive business. Demand for the Group in total is expected to be lower than in the first quarter last year and similar to the fourth quarter,\” said Tom Johnstone, president and CEO. \”We will continue to drive our initiatives to strengthen SKF and to invest in the faster growing regions and markets. Our new structure for the industrial market is under implementation and will improve our ability to even better support our customers in each industry.\”
Core sales (sales in local currency, excluding changes in structure) in Europe increased 0.5 percent. In North America, core sales increased 5.6 percent. In Latin America, core sales grew by 11 percent, in Asia by 0.8 percent and in the Middle East and Africa by 19.9 percent. The manufacturing level was lower than in the fourth quarter last year.
