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Engineering group Sandvik ups 2022 revenues 31% to ~$10.9 billion

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(Kitco News) - Global engineering group Sandvik today reported total revenues from continuing operations of SEK 112,332 million (~$10.9 billion) in 2022, up 31% from 2021 (SEK 85,700 million).

However, the company said that profit for the period was down 2% and amounted to SEK 12,854 million or ~$1.25 billion (2021: profit of SEK 13,087 million), adding that earnings per share, diluted amounted to SEK 10.24 (2021: SEK 10.40).

Adjusted profit for the period was SEK 15,035 million (~$1.46 billion), up 16% year-over-year. Adjusted earnings per share, diluted amounted to SEK 11.98, up 17% from 2021 (SEK 10.26).

"Continued high investments by mining customers has resulted in record order levels and consequently strong order backlogs," Sandvik said in a press release. "Softening demand within infrastructure in particular in Europe was noted post the Russian invasion of Ukraine, as a consequence of increasing interest rates and energy prices."

The company said that demand within Sandvik Manufacturing and Machining solutions has been positive in most regions and segments except for China due to covid lock-downs and restrictions.

"At the end of February, Sandvik paused the business in Russia, followed by the decision in the second quarter to wind down completely, and consequently, the year on year financial performance has been impacted," it added.

Sandvik is a global, high-tech engineering group providing solutions that enhance productivity, profitability and sustainability for the manufacturing, mining and infrastructure industries.

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