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Swedish manufacturer Sandvik reported sales for the third quarter of SEK 22.6 billion (US$3.1 billion), a 5 percent decrease over the same period a year ago. Profit declined 11 percent to SEK 1.5 billion (US$205.8 million).
For the first nine months, sales were SEK 65.4 billion (US$9 billion), down 3 percent from the prior-year period. Profit for the period fell 10 percent to SEK 4.5 billion (US$617.5 million).
"The global market situation remained relatively unchanged in the third quarter, albeit with variations between markets and segments," said Sandvik’s President and CEO Olof Faxander. "Business conditions remained favorable in North America, most notably for Sandvik Machining Solutions."