Sandvik (STO: SAND), Sandviken, Sweden, reported sales for the first quarter were SEK 22 billion (US$3.6 billion), up 19 percent over the same period a year ago. At fixed exchange rates for comparable units, sales were up 27 percent.
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Order intake increased 19 percent (at a fixed exchange rate for comparable units) to SEK 24.9 billion (US$4.1 billion). Profit increased 89 percent to SEK 2.1 billion (US$345.2 million).
Sandvik Tooling reported sales were SEK 7 billion (US$1.2 billion), an increase of 17.5 percent (28 percent at a fixed exchange rate for comparable units). Order intake increased 29 percent (at a fixed exchange rate for comparable units).
Market conditions continued to improve in all markets and order intake strengthened significantly in Europe, Asia and North America. Increased global activity in many areas resulted in increased industrial production and thus higher demand compared with the preceding year.
Sandvik Mining & Construction sales increased 28 percent (at a fixed exchange rate for comparable units) to SEK 9.2 billion (US$1.5 billion). Order intake increased 14 percent.