Sandvik Posts Lower Q4 Profit

Sandvik AB

reported a fall in its fourth-quarter earnings. Sandvik's quarterly net profit dropped to 46 million Swedish kronor ($7 million), from 762 million kronor, in the year-ago quarter. Its sales slipped 8% to 21.77 billion kronor versus 24.33 billion kronor. However, analysts were estimating sales of 21.90 billion kronor. Sandvik's operating profit fell to 2.39 billion kronor versus 3.06 billion kronor, and missing analysts' estimates of 2.74 billion kronor. For 2013, the company's board also proposed a dividend of 3.50 kronor per share. Sandvik shares closed at $14.03 on Friday.