SKF has reported net sales of SEK75 997 million in 2015, compared to SEK70 975 million in 2014. Q4 2015 net sales were SEK 18 215 million compared to SEK18 499 in the previous year.

‘Customer demand developed in-line with our expectations during the quarter, with the exception of North America, which saw a sharper decline than anticipated reflecting both lower demand and destocking in the supply chain,’ said Alrik Danielson, president and CEO. ‘Sales in local currency declined by 5%, driven mainly by lower sales volumes within Industrial Market, which could not be counteracted by increased volumes within Automotive Market. Faced with challenging market conditions, we focused significant efforts on strengthening our balance sheet and adjusting our organizational structure and ways of working during the year.

‘Entering the first quarter of 2016, we expect macro-economic uncertainty to continue. As a result, we expect demand to be relatively unchanged sequentially but slightly lower year-on-year.’

This story uses material from SKF, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.