Sandvik sales decline 9 percent
Sandvik announced that its third quarter sales of 20.4 billion krona ($3.2 billion) were 9 percent lower than the same period last year.
The Swedish cutting tools manufacturer said business conditions for Sandvik’s products remained largely unchanged compared with the second quarter despite the normal seasonal slowdown. Demand in the automotive segment improved somewhat, while activity in the construction industry declined.
Operating profit fell 22 percent to 1.6 billion SEK ($250 million).
"Efforts to manage working capital yielded positive results and inventory levels have now been lowered for five consecutive quarters. These activities contributed positively to operating cash flow," said Sandvik president and CEO Olof Faxander.
INDUSTRIAL SUPPLY MAGAZINE
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