Sandvik Sales Flat in 1Q

Profit increases 1.1 percent in first quarter.

Swedish manufacturer Sandvik (STO: SAND) reported sales for the first quarter of SEK 22.5 billion (US$3.4 billion), a slight increase year-over-year. Profit for the quarter increased 1.1 percent to SEK 1.5 billion (US$227.6 million).

“Global industrial production and macroeconomic conditions improved at the beginning of 2014," said Olof Faxander, president and CEO. "However, demand from the mining industry weakened somewhat as customers continued to defer new investments. The business climate continued to develop favorably in Europe, remaining strong in North America, while the situation was more mixed in Asia and challenging in South America."

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