Sandvik posts 7 percent sales decline
Sandvik reported sales of SEK 19.7 billion ($2.4 billion) for the first quarter, a decline of 7 percent from SEK 21.9 billion ($2.7 billion) in the same period last year.
The Sweden-based cutting tools manufacturer also announced the consolidation of two of its business units.
“As a result of the ongoing review of operations we made progress in consolidating Sandvik’s structure, announcing the merger of Sandvik Mining and Sandvik Construction’s operations, forming the new business area Sandvik Mining and Rock Technology," said Björn Rosengren, president and CEO of Sandvik.
Among the major geographical regions, Europe noted a robust positive growth in order intake, supported by large orders, while North America and Asia declined significantly. Demand in the energy segment declined year on year. The underlying sentiment among customers in the mining segment remained weak, with a slight softening noted in the aftermarket business.