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Sandvik Q2 net profit $200 million

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Staff writer ▼ | July 18, 2015
Sandvik AB announced that second-quarter profit was lifted by currency gains and its group-wide cost saving program.
Sandvik AB
Sandvik   Demand in Asia declined
Sandvik net profit in the three months ended June 30 was 1.72 billion Swedish kronor ($200 million), up from SEK 1.54 billion in the same period last year. Analysts polled by FactSet expected SEK 1.78 billion.

In the last few years, Sandvik's profitability has been hit by low demand in the mining sector, and the company said that although overall business activity in Europe remained largely stable in the second quarter, it still saw a decline within its Sandvik Mining and Sandvik Construction businesses. This was in contrast to North America, where these business areas were relatively stronger.

Demand in Asia declined for all business areas except Sandvik Venture, the company said. Order intake during the second quarter was SEK22.74 billion, up from SEK21.19 billion a year ago.

Revenue in the quarter was SEK 23.40 billion, up from SEK 22.05 billion. Operating profit was SEK 2.90 billion, up from SEK 2.56 billion.