Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the third quarter and the first nine months of 2020.
According to its financial results, in the third quarter this year Sandvik recorded a net profit of SEK 3.18 billion ($360.19 million), compared to a net profit of SEK 2.07 billion in the corresponding quarter of 2019. In the third quarter, Sandvik’s operating profit was SEK 3.46 billion ($391.87 million), rising by 15 percent year on year. Order intake in the given quarter amounted to SEK 19.90 billion ($2.25 billion), down 11 percent, while its revenues amounted to SEK 20.14 billion ($2.28 billion), falling by 11 percent, both compared to the same quarter of the previous year.
In the first nine months of the current year, Sandvik recorded a net profit of SEK 6.11 billion ($691.95 million), down 31 percent compared to SEK 8.81 billion in the given period of 2019. The company’s operating profit in the given period amounted to SEK 7.73 billion ($875.42 million), falling by 39 percent from SEK 12.64 billion in the corresponding period of 2019. Order intake registered as SEK 64.23 billion ($7.27 billion), down by 15 percent from SEK 78.89 billion in the same period of the previous year due to the coronavirus. In the first nine months, revenues totaled SEK 63.99 billion ($7.24 billion), down by 13 percent from SEK 76.65 billion in the corresponding period of 2019.
According to the company’s statement, as expected the recovery has been gradual, due to various end-market segments and geographies being in different phases. The company expects the gradual recovery to continue, but the market conditions will be uncertain. Sandvik continues to shift its short-term savings toward permanent initiatives to adjust to the suppressed demand.
