Company News

Sandvik Q4 earnings and orders just above forecast

STOCKHOLM, Jan 21 (Reuters) - Swedish metal-cutting tools and mining gear maker Sandvik on Wednesday reported fourth-quarter earnings and order intake just above analyst forecasts and said underlying customer activity had been stable in all customer segments except for a drop in automotive.

Quarterly adjusted operating earnings at the firm rose to 4.70 billion Swedish crowns ($521.41 million)from 4.06 billion crowns a year earlier, beating a 4.65 billion crowns mean forecast in a poll of analysts.

Order intake at Sandvik, which competes with Sweden’s Epiroc in mining equipment and U.S. firm Kennametal in metal-cutting, rose to 25.63 billion crowns, up 6 pct organically and beating the 25.36 billion crown mean poll forecast. ($1 = 9.0140 Swedish crowns) (Reporting by Johannes Hellstrom, editing by Esha Vaish)