Mining orders drop during Q4 at Sandvik
Sandvik said today that Q4 order intake for mining equipment declined at a low double-digit rate, with underground mining equipment noting the largest decline in relative terms.
Sandvik compared sales totals with orders from a year ago. Orders were down 7%. Excluding the impact of large orders, intake was off just 3%.
Sandvik said orders in the aftermarket business increased at a mid-single-digit rate.
For the year as a whole, order intake was up 1% compared to the year prior. Total excludes discontinued operations.
Sandvik said customer activity in the mining industry "remained stable at a high level."
The company said there was noted improvement for mining sales in China.
Sandvik Mining division acquired two mining companies during the year: battery-technology company Artisan and underground wireless technology provider Newtrax.