Swedish high-technology engineering and
steelmaking group Sandvik has issued its financial results for the first quarter of 2011, stating that the business climate developed favorably and order intake and invoiced sales grew significantly in all business areas, compared with the preceding year.
"Order intake continued to increase in most markets. Demand was strongest in the mining, energy and automotive sectors, the business climate continued its positive trend in the given period and order intake and invoiced sales rose for all business areas," said Sandvik's president and CEO Olof Faxander.
According to the financial results, Sandvik's profit for the given period was SEK 2.13 billion ($351.83 million), compared with a profit of SEK 1.12 billion in the first quarter of 2010. Order intake in the first quarter of 2011 increased by 19 percent year on year to SEK 24.9 billion ($4.11 billion).