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Home » Sandvik Sales Down 25% in Fourth Quarter
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Sandvik Sales Down 25% in Fourth Quarter

By    MDM  Staff 
February 3, 2010
More about:  Industrial
Cutting tools manufacturer records a loss for the full-year 2009.
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Swedish cutting tools manufacturer Sandvik (STO:SAND) reported sales of 18.2 billion SEK (US$2.5 billion), down 25%,  and operating profit of 408 million SEK (US$56.1 million) for the fourth quarter 2009. The company reported a net loss of 132 million SEK (US$18.1 million) for the quarter.

For the full year, Sandvik reported sales of 71.9 billion SEK (US$9.8 billion), down 22% from 2008. The company recorded a net loss of 2.6 billion SEK (US$357 million) and operating loss of 1.41 billion SEK (US$192 million).
 
Sandvik said in its fourth-quarter earnings report: "Full-year 2009 was characterized by a sharp deterioration in the global economy with a dramatic impact on Sandvik. Demand declined by about 30% in total and significantly more in many areas. This placed significant demands on Sandvik to rapidly adjust to a dramatically changed market climate."
 
Sandvik reduced production by 40% during the year.  
 
"During the fourth quarter, the market showed positive tendencies and the gradual recovery that began in the third quarter continued," said CEO Lars Pettersson said. "This improvement is derived from very low levels and is largely a result of an easing of customer destocking. Order intake from the energy sector large parts of the Asian market remained strong. The market situation improved slightly in North and South America, Australia, and Africa, but remained weak in Europe."
 
Order intake was down 6% over 2008 fourth quarter.
 

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