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Epiroc says automation, digitization in high demand

Kitco News

Swedish mining equipment manufacturer Epiroc released its full-year results Tuesday, showing a hit from COVID-19.

Epiroc manufactures drill rigs, rock excavation, and construction equipment and tools.

Orders received were down 7% compared to the year prior. Revenues were down 12%.

Q4 showed an uptick, with orders up 1% compared to the same period in 2019. Operating profit in Q4 was up 10% due to "efficiency measures."

"Service performed particularly well and had an organic revenue growth of 13%. This in combination with cost savings contributed to an improved operating margin, despite a negative currency effect. The adjusted margin improved to 23.2%, with strong contribution from Tools & Attachments," wrote the company in a news release.

The company said automation, digitalization, and electrification solutions "...are in high demand and we connect more and more machines."

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