SKF sales up by 3.1 percent
SKF reported sales of SEK 18.8 billion ($2.2 billion) in the fourth quarter, a 3.1 percent increase from SEK 18.2 billion ($2.1 billion) in the same period last year.
Operating profit of SEK 1.6 million ($182,000) compared to profit of SEK 1.0 ($119,000) in the fourth quarter last year.
“In 2016 we have seen market conditions gradually improve and SKF is now growing again. In the fourth quarter, organic sales increased by 1.2% compared to last year. Sequentially, sales were slightly higher, mainly driven by Asia. Net sales in the quarter were SEK 18.8 billion. We saw a gradual strengthening in demand during the quarter and less of the seasonal pre-buying which is otherwise associated with that time of year," said Alrik Danielson, president and CEO.
"We saw higher demand in Asia, especially in industrial distribution, but also in industrial drives. Total demand in Europe was relatively unchanged but we saw growth in our distribution business as well as in the rail and industrial general industries. In North America, market conditions continue to be challenging, but the development in the market is stabilizing," he added.