Sandvik Q3 operating earnings upChristian Fernsby ▼ | October 18, 2019
Sandvik said adjusted quarterly operating earnings rose to 4.62 billion Swedish crowns ($477 million) from 4.59 billion a year earlier.
Sandvik Sandvik said weakness in demand had been most pronounced
The firm said order intake was 25.0 billion crowns, down 1% organically, and just above the 24.8 billion forecast. While bookings in its machining solutions arm, which caters to mainly industrial clients, fell 9%, its mining unit posted a 5% rise.
Amid the industrial slowdown, Sandvik said it expected to make deeper cost cuts, which were now seen at 1.7 billion crowns compared to its previous guidance of 1.4 billion, with most kicking in fully around the middle of next year. ■