Sandvik Posts Drop In Q3 Profit

Sandvik

reported a drop in its net profit for the third quarter. Sandvik's quarterly net profit slipped to 1.46 billion Swedish krona ($0.2 billion), versus a year-ago profit of SEK1.63 billion. EPS fell to 1.17 kronor from 1.30 kronor. Its profit, after financial items, came in at 2.001 billion Swedish kronor, down from 2.144 billion kronor. Its sales rose to SEK22.59 billion from SEK20.42 billion, while operating profit declined to SEK2.46 billion from SEK2.53 billion. Order intake rose to 20.981 billion kronor, versus 20.221 billion kronor. CEO Olof Faxander said, “Our continued momentum during the quarter confirmed that we are on the right track. The global supply chain optimization program progressed according to plan, with the closure of nine production units underway and two units closed to date.” Sandvik's shares gained 1.54% to close at $11.24 yesterday.