Posted April 24, 2017

Sandvik revenues up 10.5 percent

Sandvik reported revenues of SEK 21.76 billion ($2.47 billion) for the first quarter, a 10.5 percent gain from SEK 19.7 billion ($2.24 billion) in the same period last year.

Operating profit of SEK 2.27 billion ($260 million) compared to SEK 1.39 ($160 million) in the first quarter of 2016.

"Growth was particularly strong in Sandvik Mining and Rock Technology, driven primarily by equipment replacement orders, with also Sandvik Machining Solutions achieving a double digit increase in orders. Despite persistently low oil and gas prices, Sandvik Materials Technology received one major order from the oil and gas industry,” said Björn Rosengren, president and CEO of Sandvik.