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Sandvik Q3 operating earnings up

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Christian 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
Sandvik said weakness in demand had been most pronounced in the automotive and general engineering segments, and that it would increase staff-cut plans announced three months ago to 2,500 jobs from 2,000.

Topics: Sandvik

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.