Swedish engineering group
Sandvik said it had seen weaker demand in parts of its business, primarily from customers in the automotive and general engineering sectors, towards the end of Q2 2019.
“We will take further action in all business areas to deliver strong margins long-term,” Sandvik president and CEO Björn Rosengren said in a statement reported by
Sandvik operating earnings edged up to 5.08 billion Swedish krona (€475.53mn) from 5.04 billion krona (€475.15mn) in the year-ago quarter, but came in below the 5.18 billion krona mean forecast in a poll of analysts based on Refinitiv data.
Sandvik said the results had also been boosted to the tune of 110 million krona (€10.45mn) due to an adjustment of the purchase price of a previously announced sale of one of its smaller businesses.
The company’s order bookings fell 5% on a like-for-like basis, compared with the 6% growth reported for the first quarter of the year.