Swedish manufacturer Sandvik reported sales for 2014 of SEK 88.8 billion (US$10.7 billion), up 2 percent from the prior-year period. Profit for the period rose 20 percent to SEK 6 billion (US$723.6 million).
The company reported sales for the fourth quarter of SEK 23.4 billion (US$2.8 billion), a 7 percent increase over the same period a year ago. Profit improved to SEK 1.5 billion (US$180.9 million).
"In the long term, we believe in the viability of our strategy to further grow our position in the energy segment, however short-term demand is likely to be hampered by a low and volatile oil price," said Sandvik’s President and CEO Olof Faxander. "Global demand from the mining industry remained stable and on par with the preceding quarter."