Swedish toolmaker Sandvik posts slower than expected profit growth (updated)

Kennametal

15/07/2022 11:31

(Adds detail, background)
    STOCKHOLM, July 15 (Reuters) - Metal-cutting tools and
mining gear maker Sandvik  SAND.ST  reported second-quarter
adjusted operating earnings slightly below analysts'
expectations on Friday. 
    The Swedish company's operating profit adjusted for items
affecting comparability grew 17% from a year earlier to 4.79
billion crowns ($453.35 million) on organinc sales growth of 6%.
The mean forecast in a Refinitiv poll of analysts had been for a
profit of 4.92. billion.  urn:newsml:reuters.com:*:nL8N2YU2H9
     Organic order intake at fixed exchange rates was up 4% in
the quarter at 28.7 billion crowns. In the first two weeks of
July, the order intake trend was stable, it said. 
    Shares in Sandvik, whose competitors include Epiroc
 EPIRa.ST  and Kennametal  KMT.N , were down 4% at 1007 GMT.
($1 = 10.5658 Swedish crowns)

 (Reporting by Anna Ringstrom
Editing by Stine Jacobsen and David Goodman)
 ((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74))