June 13, 2024
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OIL & GAS RENEWABLE ENERGY Uncategorized

Sandvik’s Q3 Profits Disappoint as Market Challenges Persist

Swedish metal-cutting tools and mining equipment manufacturer Sandvik reported a smaller-than-expected rise in third-quarter core profit and a decline in order intake.

The company’s adjusted operating profit for the quarter was 5.82 billion Swedish crowns ($527.81 million), compared to 5.52 billion a year earlier, falling short of analysts’ forecasts, according to Reuters.

Sandvik also raised its capital expenditure outlook for the year to between 4.5 billion and 5 billion Swedish crowns, up from the previously estimated 4.5 billion.

Despite a more uncertain macro environment leading to cautious market conditions in the short term, CEO Stefan Widing expressed confidence in the company’s ability to handle challenges.

 

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