Sandvik AB Reports 2nd Quarter Results

Sweden’s Sandvik AB reported that the business climate of cemented carbide cutting tools during the second quarter of 2013 remained largely unchanged for most of the company’s customer segments and regions. The demand in Europe improved somewhat compared with the preceding quarter, partly driven by the positive performance in Russia. North America remained stable at a high level whilst demand in South America was said to be varied.

Total invoiced group sales for the 2nd quarter to end of June 2013 amounted to SEK 23,043 million, down 6% on the same period in 2012. Invoiced sales for the first half of 2013 amounted to SEK 45,142 million, down 5% in fixed exchange rates for comparable units. Operating profit was reported as SEK 5,518 million (SEK 8,031 million in same period in 2012), with a margin of 12.2% of invoiced sales.

Market activity for Sandvik Machining Solutions, the largest segment in the group, which includes production of cemented carbide cutting tools, remained largely on par with the 1st quarter. This segment contributed SEK 14,258 million in sales, down 3%, in the January to June period, whilst Sandvik Materials Technology reported invoiced sales of SEK 7,738 million.

Sandvik Venture, which includes superhard and hard materials based on cemented carbide cutting tools, cubic boron nitride, and synthetic diamond, as well as tungsten and tungsten carbide powder producer Wolfram, reported invoiced sales of SEK 2,603 million – up 4% on the 1st quarter but down 10% on the same period in 2012.

It was decided in the 2nd quarter to form a new product area within the Sandvik Venture segment combining Diamond Innovations and Sandvik Hard Materials. The new product area will have approximately 1,800 employees and will bring together resources within R&D, sales and marketing for superhard and hard materials.


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