Sandvik earnings fall
Despite a 9% increase in sales for the fourth quarter, Sandvik AB reported that its earnings fell for the period.
The world's largest maker of metal-cutting tools said its sales were SEK $25.1, or approximately $3.7 billion U.S.
"Overall Sandvik's business was stable in the fourth quarter with good performance especially in Sandvik Tooling but also in Sandvik Mining and Construction. In Sandvik Materials Technology, the scenario was more fragmented, with high demand in the oil and gas industry offset by weakness in several other segments. The North American market was stable during the quarter, as was much of Europe and Asia," said Sandvik's president and CEO Olof Faxander.
However, a report by Bloomberg indicates that the company's profit missed analysts' estimates because of the cost to cut jobs.
Click for Sandvik press release.
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