Sandvik shares slide after Q1 earnings disappoint

FLSmidth & Co. A/S

22/04/2024 13:23

** Shares in Sandvik  SAND.ST  fall 2.6% after the mining
equipment maker reports Q1 core profit below market expectations
    ** Q1 adj. EBITA falls 14% y/y to SEK 5.28 billion ($484
million), missing the 5.69 billion seen in an LSEG poll of
analysts
    ** J.P.Morgan says the report is disappointing, with a
slight orders beat of 1% "more than overshadowed" by a 10% miss
on adj. EBITA
    ** JPM notes lower volumes in Mining and Rock Solutions and
in Rock Processing Solutions seem to have put significant
pressure on margins
    ** Shares in Swedish peer Epiroc  EPIRa.ST  are down 2%,
while Metso  METSO.HE  and FLSmidth, two other Nordic mining
equipment groups, both fall around 1.9%

($1 = 10.9092 Swedish crowns)

 (Reporting by Tilla Sjaavaag)
 ((tilla.sjaavaag@thomsonreuters.com; +48 58 7696600;))