Sandvik sales and profits decline
Swedish cutting tools manufacturer Sandvik made a net profit of 728 million SEK ($113.3 million) for the last three months of 2012.
That compared with 731 million SEK for the same period in 2011.
Revenue amounted to 24.33 billion SEK ($3.8 billion), down from 25.10 billion SEK ($3.95 billion) a year ago.
Sandvik said it reduced its workforce by 500 people during the quarter, adding that overall demand was largely on par with the third quarter.
Production rates were further reduced to align inventory levels with the weaker demand which adversely impacted operating profit, but contributed significantly to a strong cash flow.
"Activity in the aerospace, oil/gas and process industries remained at reasonably high levels, while the mining, construction and automotive industries were weak. Demand was strong in North America and improved from an already high level in Africa, but deteriorated in other major markets," according to a company statement.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
