STOCKHOLM, April 24 (Reuters) - Swedish metal-cutting tools and mining gear maker Sandvik beat first-quarter operating expectations on Tuesday and reported a broad-based increase in customer activity at the start of the year.
Operating profit rose to 4.27 billion Swedish crowns ($502.41 million) from 3.50 billion, beating a 4.00 billion mean forecast in a Reuters poll of analysts.
Order intake at the company, which competes with Sweden’s Atlas Copco in mining equipment and U.S. firm Kennametal in metal-cutting, rose to 25.4 billion crowns, above the 24.6 billion crown mean analysts forecast.
Sandvik shares were flat by 1146 GMT.
$1 = 8.4990 Swedish crowns Reporting by Johannes Hellstrom; editing by Jason Neely