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Swedish manufacturer Sandvik reported first-quarter invoiced sales were SEK 24.8 billion (US$3.7 billion), up 12.7 percent over the same period a year ago. Organically, sales increased 10 percent year over year.
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Profit grew 18 percent to SEK 2.5 billion (US$369.6 million).
"Although the market scenario was largely stable in Europe and strong in North and South America, it was a mixed picture in Asia, where development in China in particular fluctuated significantly among the various segments,” said Sandvik’s President and CEO Olof Faxander.
Mining invoiced sales increased by 19 percent at fixed exchange rates to SEK 8.6 billion (US$1.3 billion). Operating profit for the first quarter was SEK 1.5 billion (US$221.7 million), or 17.3 percent of invoiced sales.
Machining Solutions sales increased 9 percent at fixed exchange rates to SEK 7.6 billion (US$1.1 billion). Strong market activity was noted and demand increased mainly in North America and Europe. Operating profit improved compared with the first quarter of 2011 and totaled SEK 1.9 billion (US$280.9 million), or 24.6 percent of invoiced sales.
Materials Technology sales fell 3 percent at fixed exchange rates to SEK 4.1 billion (US$606.1 million). Order intake for products to the oil and gas sector remained strong, but a slowdown was noted in certain other segments. Excluding metal price effects, operating profit was SEK 399 million (US$59 million), 9.8 percent of invoicing.