Sandvik Says Turnaround On Track As Profit Rises
April 27 2012 - 1:51AM
Dow Jones News
Swedish engineering group Sandvik AB (SAND.SK) Friday said its
strategy overhaul is on the right track as it posted a rise in
first-quarter net profit, beating expectations, helped by high
demand for the majority of its products.
MAIN FACTS:
-The company made a net profit of SEK2.50 billion ($370.7
million) for the first quarter of 2012, compared with a profit of
SEK2.03 billion for the same period in 2011.
-The average forecast in a Dow Jones Newswires/Factset survey of
12 analysts was for net profit of SEK1.97 billion.
-Revenue amounted to SEK24.84 billion, up from SEK22.03 billion
a year earlier and higher than the SEK24.01 billion analysts
expected.
-Operating profit was SEK3.82 billion, compared with SEK3.27
billion and expectations for SEK3.33 billion.
-Order intake was SEK28.89 billion, up 13% on year measured at
fixed exchange rates.
-Sandvik's CEO Olof Faxander said there is improvement potential
for both its net working capital and cash flow.
-Faxander also said the market situation is largely stable in
Europe and strong in North and South America while Asia shows a
mixed picture.
-In particular, the Chinese market fluctuated significantly
between various segments, Faxander said.
-Shares Thursday closed at SEK92.45.
-By Katarina Gustafsson, Dow Jones Newswires +46-8-5451-3097;
katarina.gustafsson@dowjones.com
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