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Swedish tooling and machinery manufacturer Sandvik reported invoiced sales for the second quarter were SEK 20.6 billion (US$2.8 billion), up 14% from the prior year period. Sales increased 15% at fixed exchange rates. Profit was SEK 2.08 billion (US$282.3 million), compared to a year ago loss of SEK 2.02 billion (US$273.5 million).
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For the first six months, invoiced sales were SEK 39.1 billion (US$5.31 billion), an increase of 5.4 percent over the same period a year ago. Sales increased 8 percent at fixed exchange rates. Profit was SEK 3.2 billion (US$434.3 million), compared to a year ago loss of SEK 2.31 billion (US$313.5 million).
"Demand for Sandvik's products continued to improve in the second quarter. Order intake remained strong in Asia and improved in other markets," says Lars Pettersson, president and CEO. "Demand from the energy sector remained high and an increase was noted in the automotive, mining and process industries."
During the second quarter, Sandvik Tooling posted gains in order intake and invoiced sales in all markets compared with the preceding year. Order intake increased 45 percent and invoiced sales increased 38 percent at fixed exchange rates.
Growth in demand was driven by a rise in global demand in many regions and an increase industrial production. Demand from the energy sector remained strong, while order intake from the automotive and general engineering industries increased. Demand from the aerospace industry was stable.
For more on Sandvik and its segment results, click here.