Epiroc says automation, digitization in high demand
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."