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Sandvik Sales Increase 22% in Third Quarter

Sandvik reported invoiced sales for the third quarter were SEK 20.2 billion (US$3 billion), an increase of 22 percent over the prior year same period. The Swedish tooling and machinery manufacturer reported profit of SEK 1.56 billion (US$232.7 million), compared to a year-ago loss of SEK 180 million (US$26.9 million).

For the first nine months, invoiced sales increased 10.5 percent over the comparable period a year ago to SEK 59.4 billion (US$8.9 billion). The company reported a profit of SEK 4.76 billion (US$710.2 million), compared to a year-ago loss of SEK 2.49 billion (US$371.5 million).

During the third quarter, Sandvik Tooling posted a 39 percent gain, at fixed exchange rates, in both order intake and invoiced sales. Operating profit was SEK 961 million (US$143.4 million), but was negatively impacted due to exchange rates and nonrecurring costs, including the closure of a U.S. production unit.

For more on Sandvik and its operating segment results, click here.

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