Swedish manufacturer Sandvik (STO: SAND) reported sales for the third quarter of SEK 20.4 billion (US$3.2 billion), a decrease of 9 percent compared to the same period a year ago. Profit decreased 22 percent to SEK 1.6 billion (US$251.8 million).
“The strong Swedish krona (SEK) adversely affected earnings by 250 million SEK in the third quarter and by 900 million SEK in the rst nine months of the year," said Olof Faxander. "Nevertheless, operating prot totaled 2,531 million SEK, or 12.4 percent of invoiced sales in the seasonally weakest quarter of the year, despite negative metal price effects and declining sales and production rates.”
For the first nine months, sales were SEK 65.6 billion (US$10.3 billion), a decrease of 6 percent compared to the same period a year ago. Profit decreased 33 percent to SEK 5 billion (US$786.9 million).