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Sandvik (STO: SAND), Sandviken, Sweden, reported sales for the fourth quarter of 2010 were SEK 23.3 billion (US$3.6 billion), an increase of 28 percent over the fourth quarter of 2009. At a fixed exchange rate for comparable units, sales increased 31 percent.
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Order intake increased 37 percent (at a fixed exchange rate for comparable units) to SEK 26.3 billion (US$4.1 billion). Profit was SEK 2.2 billion (US$341.3 million), compared to a year-ago loss of SEK 103 million (US$16 million).
For the full year 2010, sales were SEK 82.7 billion (US$12.8 billion), an increase of 15 percent over full-year sales for 2009. At a fixed exchange rate for comparable unites, sales increased 17 percent.
Order intake increased 33 percent (at a fixed exchange rate for comparable units) to SEK 93.3 billion (US$14.5 billion). Profit was SEK 6.9 billion (US$1.1 billion), compared to a year-ago loss of SEK 2.6 billion (US$403 million).
Sandvik Tooling reported order intake and invoiced sales rose by 29 percent and 34 percent in the fourth quarter, respectively, at fixed exchange rates for comparable units. Intensified global activity in many areas resulted in growth in industrial production and higher demand compared with the preceding year.
Order intake rose in all major markets by between 20 percent and 35 percent. In Europe and NAFTA, demand improved in most markets, while the increase in Asia was mainly attributable to favorable development in China, India and South Korea. In South America, the strong performance of the automotive industry in Brazil was the main factor behind the continued increase in order intake.
Demand from the global mining industry continued to improve in the fourth quarter. Sandvik Mining and Construction reported order intake and invoiced sales increased by 50 percent and 32 percent, respectively, at fixed exchange rates. Order intake reached the highest level ever recorded during a quarter.
For Sandvik Materials Technology, order intake rose 18 percent and invoiced sales 26 percent at fixed exchange rates.
For more details, visit Sandvik's investor relations site.