Sandvik profit just misses forecast, order intake rises (updated)

Kennametal

21/04/2023 10:43

(Adds numbers, CEO comment)
       COPENHAGEN, April 21 (Reuters) - Swedish metal-cutting
tools and mining gear maker Sandvik  SAND.ST  reported
first-quarter operating earnings slightly below analyst
expectations on Friday and said its total order intake at fixed
exchange rates grew 6%.
    Adjusted operating profit (EBIT) rose to 5.64 billion
Swedish crowns ($546.64 million) in the quarter from a year
earlier 4.73 billion, while analysts on average had expected
5.75 billion crowns, according to a Refinitiv poll.
        Order bookings, excluding Russia, grew to 34.36 billion
crowns at fixed exchange rates from a year earlier 30.47
billion.
  
        Sandvik Manufacturing and Machining Solutions noted
solid development in all customer segments, driven by good
momentum in Europe, CEO Stefan Widing said in a statement.
  
        Sandvik, among the first major Nordic groups to announce
its earnings, is widely regarded as an industry bellwether for
its broad customer base and relatively short lead times from
order booking to delivery of its cutting tools.
  

 (Reporting by Louise Breusch Rasmussen, editing by Niklas
Pollard)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))