SKF Sales Up 8.2% in 2008 - Modern Distribution Management

Log In

SKF Sales Up 8.2% in 2008


SKF reported sales of SEK63.4 billion (US$7.8 billion) for 2008, an increase of 8.2% over 2007 sales. Profit declined slightly to SEK4.74 billion (US$580 million).
 
For the fourth quarter, sales increased 8.2% while profit declined 25.9%.
 
"2008 was a very good year for SKF with record sales and profit. However market demand weakened considerably towards the end of the year. In the fourth quarter the automotive business continued to deteriorate and a negative trend was seen also for several industrial segments, said Tom Johnstone, president and CEO. SKF initiated actions to adapt its capacity and cost base globally to address this."
 
The fourth quarter included expenses for restructuring activities and other one-time items ...
Author
Date

SKF reported sales of SEK63.4 billion (US$7.8 billion) for 2008, an increase of 8.2% over 2007 sales. Profit declined slightly to SEK4.74 billion (US$580 million).
 
For the fourth quarter, sales increased 8.2% while profit declined 25.9%.
 
"2008 was a very good year for SKF with record sales and profit. However market demand weakened considerably towards the end of the year. In the fourth quarter the automotive business continued to deteriorate and a negative trend was seen also for several industrial segments, said Tom Johnstone, president and CEO. SKF initiated actions to adapt its capacity and cost base globally to address this.”
 
The fourth quarter included expenses for restructuring activities and other one-time items of around SEK 340 million, of which SEK 75 million are write downs and impairments. SKF will lower significantly the manufacturing level in the first quarter of 2009 to reflect both the new demand situation and to reduce inventory.

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.