Höganäs reports best ever Q4 results and net sales up 46% over the year
February 9, 2011
Höganäs AB, Sweden, has reported its best ever fourth quarter results. In a statement issued by the Swedish metal powder manufacturer, CEO Alrik Danielsson commented, “We are benefiting from our strong position on emerging markets, as volume growth in Europe has not been as high. Sales volumes in China and India reached new record levels in the quarter.”
Breakthrough for powder forged con rods in Korea
Danielsson reported that results had also been boosted by a major customer in Korea starting production of powder-forged connecting rods made from the unique chromium alloyed Astaloy® material, produced by Höganäs.
Exceeded expectations
“The year as a whole exceeded our expectations by a good margin. The downturn in Europe late in the year was expected, and although uncertainty regarding demand conditions for the short term persists, we are looking to the future with confidence. Höganäs advanced its position in 2010,” added Danielsson.
Compared to the corresponding period of the previous year, figures for 1 January – 31 December 2010 show that net sales were MSEK 6,671 (4,571), up 46% year on year. Sales volumes were also 40% higher.
Fourth quarter 2010 results showed net sales of MSEK 1,612 (1,364), up 18% year on year, with sales volumes 10% higher.
More information www.hoganas.com
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