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Swedish manufacturer Sandvik reported third quarter invoiced sales were SEK 21.8 billion (US$3.3 billion), a decrease of 10 percent versus the same period a year ago. Profit jumped 199 percent to SEK 2.1 billion (US$314.5 million).
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For the first nine months, invoiced sales were SEK 76.9 billion (US$11.5 billion), a 1 percent increase year-over-year. Profit improved 46 percent to SEK 7.4 billion (US$1.1 billion).
Mining invoiced sales rose 14 percent for the quarter at fixed exchange rates to SEK 9.5 billion (US$1.4 billion). Operating profit was SEK 1.6 billion (US$225.2 million).
Machining solutions invoiced sales decreased 2 percent at fixed exchange rates to SEK 6.6 billion (US$987 million) for comparable units compared with the preceding year. Operating profit was SEK 1.3 billion (US$196.4 million), or 20 percent of invoiced sales.
Invoiced sales for Material Technology declined 5 percent. Operating profit excluding metal price effects (SEK -96 million) totaled SEK 276 million (US$41.3 million), or 8 percent of invoiced sales.