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Swedish manufacturer Sandvik reported sales for the second quarter of SEK 22 billion (US$3.2 billion), a 6 percent decrease over the same period a year ago. Profit declined 18 percent to SEK 1.5 billion (US$219.8 million).
For the first six months, sales were SEK 42.8 billion (US$6.3 billion), down 5.1 percent from the prior-year period. Profit for the period fell 9 percent to SEK 3 billion (US$439.3 million).
“Changed metal prices contributed positively to second-quarter earnings, but were more than offset by negative currency effects and acquisition-related costs,” said Sandvik’s President and CEO Olof Faxander.