Sandvik Q3 profit narrowly beats forecast
Swedish engineering firm Sandvik reported quarterly core earnings marginally ahead of market expectations on Tuesday and said order intake had improved significantly across all business areas.
Third-quarter adjusted operating earnings at the maker of metal-cutting tools and mining gear rose to 4.59 billion Swedish crowns ($510 million) from 3.34 billion crowns a year ago, beating a 4.52 billion crown mean forecast in a Reuters poll of analysts.
Order intake at Sandvik, which competes with Sweden’s Epiroc in mining equipment and U.S. firm Kennametal in metal-cutting, rose to 24.2 billion crowns, just lagging the 24.6 billion crown mean poll forecast.
Sandvik shares were up 0.9 percent at 1009 GMT, compared with a 3.9 percent drop ahead of the results.
($1 = 9.0044 Swedish crowns)
(By Johannes Hellstrom; Editing by Niklas Pollard)