Sandvik 3Q Hit By One-Off Charge, Reduces Staff In Sweden
November 01 2011 - 2:49AM
Dow Jones News
Sandvik AB (SAND.SK), the Swedish engineering company, Tuesday
said net profit fell year-on-year in the third quarter, as the
company was hit by an expected SEK1.16 billion goodwill write-down
for its MedTech unit.
MAIN FACTS:
-During the quarter, sales and production volumes increased,
primarily within Sandvik Tooling and Sandvik Mining and
Construction.
-However, the trend for some of Sandvik Materials Technology's
product groups weakened.
-3Q net proft was SEK626 million, down from SEK1.58 billion the
same quarter last year and against expectations for SEK515
million.
-3Q revenue was SEK23.53 billion, up from SEK20.24 billion last
year and against expectations for SEK22.61 billion.
-3Q operating profit (Ebit) was SEK1.67 billion, down from
SEK2.53 billion last year and against expectations for SEK1.44
billion.
-3Q order intake was SEK24.83 billion, up from SEK21.52 billion
last year.
-Changed exchange rates had a negative impact of 5% on order
intake and invoiced sales respectively.
-In a separate announcement, Sandvik said it is reducing staff
by 365 employees in Sweden.
-The reduction affects employees at SMT and Sandvik Mining and
Construction in Sandviken, as well as employees at SMT in
Hallstahammar.
-Monday shares in Sandvik closed at SEK90.15.
-By Sven Grundberg, Dow Jones Newswires; +46-8-5451-3098;
sven.grundberg@dowjones.com
Sandvik AB (PK) (USOTC:SDVKY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sandvik AB (PK) (USOTC:SDVKY)
Historical Stock Chart
From Sep 2023 to Sep 2024