Sandvik sales decline 5 percent
Sandvik Group reported 2015 sales declined 5 percent to SEK 85.5 billion ($10.2 billion) compared to 2014.
Profit declined to SEK 2.2 billion ($260 million).
“Order intake was hampered by weakened business activity, particularly in Asia and North America, as well as generally in the energy segment," said Björn Rosengren, president and CEO. "In China, an overall slowdown across most segments was noted. In the US, the low oil price adversely impacted demand in the energy segment, with a negative indirect eff ect on demand in the general engineering segment. Sandvik Mining order intake was in line with the previous year."
Fourth quarter sales of SEK 20.9 billion ($2.5 billion) were down 6 percent from the same period a year ago. The company reported a loss of SEK 171 million ($20.7 million) for the quarter, compared to profit of SEK 1.5 billion ($178.2 million) a year ago.
In the fourth quarter, order intake declined organically by 7%, compared with the year-earlier-period. Europe, Sandvik’s largest region in terms of invoicing, remained stable. However, Asia declined by 23% and North America by 18%, at fixed exchange rates for comparable units, the company said.
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