Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the first quarter of the current year.
According to its financial results, in the first quarter this year Sandvik recorded a net profit of SEK 1.39 billion ($171.6 million), increasing from the net profit of SEK 410 million in the corresponding quarter of 2015. Order intake in the given quarter amounted to SEK 20.29 billion ($2.49 billion), down seven percent, while its revenues amounted to SEK 19.7 billion ($2.42 billion), declining by seven percent, both year on year.
Sandvik stated that its order intake declined in absolute terms; however, it reported a positive book-to-bill in four out of five business areas. 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. Meanwhile, customer activity in the automotive segment remained generally stable, while a decline was seen in the general engineering segment, Sandvik said.