Mining gear maker Epiroc expects demand to stay at current level

Swedish mining equipment maker Epiroc reported quarterly order intake just below analysts forecasts on Tuesday and said it expected demand to remain at the current level in the near term.

Epiroc, which counts Sweden’s Sandvik as its top rival, said its order intake rose to 10.1 billion Swedish crowns ($1.06 billion) in the first quarter, just below the 10.2 billion seen in an analyst poll.

The company’s operating earnings were 1.93 billion crowns, up from 1.52 billion in the same quarter a year earlier and narrowly ahead of the 1.91 billion mean poll forecast.

($1 = 9.5104 Swedish crowns)

(By Johannes Hellstrom; Editing by Johan Ahlander)

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