Sandvik core profit beats forecast, order intake rises (updated)

Kennametal

17/10/2022 10:44

(Adds detail, background)
       STOCKHOLM, Oct 17 (Reuters) - Swedish maker of
metal-cutting tools and mining gear Sandvik  SAND.ST  reported
earnings that beat analysts' expectations on Monday and said
like-for-like order bookings rose in the third quarter.
    The company, which is amongst the first major Nordic
industrial companies to report its third-quarter numbers, said
adjusted operating profit grew to 5.52 billion Swedish crowns
($489.97 million) from a year-earlier of 4.25 billion. 
    The mean forecast in a Refinitiv poll of analysts had been
for a profit of 5.02 billion.
    Stocks across the European engineering industry have slumped
this year in the wake of Russia's invasion of Ukraine amid
soaring cost inflation, energy worries and stretched supply
chains, even as demand has remained strong.    
        Sandvik, which competes with the likes of Epiroc
 EPIRa.ST  and Kennametal  KMT.N , said like-for-like order
intake was up 8% in the quarter at 29.2 billion crowns on the
back of gains in its mining equipment and machining solutions
businesses.
  
        Shares in Sandvik, which have lost roughly a third of
their value in the year to date, rose 3.4% by 0938 GMT. 
  
($1 = 11.2659 Swedish crowns)
 (Reporting by Niklas Pollard, editing by Stine Jacobsen)
 ((Niklas.Pollard@thomsonreuters.com;))