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Swedish manufacturer Sandvik (STO: SAND) reported sales for the first quarter of SEK 21.7 billion (US$2.45 billion), a 10.5 percent increase year-over-year in fixed currency. Profit for the quarter increased to SEK 2.27 billion (US$260 million) from SEK 1.4 billion (US$160 million) the prior year.
On the back of increased customer activity and the efficiency measures we have implemented, we delivered both earnings growth and improved margins. Cash flow reached a record-high level for a first quarter and we strengthened the balance sheet. I am very pleased with the development”, says Björn Rosengren, president and CEO of Sandvik.