Sandvik Group reports double-digit growth in 2023 second quarter

July 20, 2023

Stefan Widing, Sandvik’s president and CEO (Courtesy Sandvik)
Stefan Widing, Sandvik’s president and CEO (Courtesy Sandvik)

Sandvik AB, Stockholm, Sweden, has released its interim report for the second quarter of 2023. Order intake was reported to be SEK 31,660 million, corresponding to a total growth of 10%, and 7% at fixed exchange rates, of which organic growth was 3%. Total revenues reportedly amounted to SEK 32,243 million, a total growth of 19%. At fixed exchange rates, growth was 16%, of which 12% was organic.

“We delivered a solid set of results in the second quarter. Revenues grew by double digits for the 9th consecutive quarter, leverage was strong and operating margin was within our target range. We made progress in our shift to growth strategic focus areas. For example, we saw strong momentum in mining automation, and we won important business in surface mining. A few acquisitions were made, adding strength to our competence and offering. We also kept a good innovation pace, launched a higher-capacity battery for our BEV loaders and trucks and new steel turning grades, specifically tailored to capture opportunities within the mid-market,” shared Stefan Widing, president and SEO of Sandvik.

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It was reported that strong demand continued in aerospace driven by higher activity post covid, and consequently increased investments. Solid backlogs within automotive were said to drive demand in North America and Europe – this was however, off-set by negative impact from China. General engineering and energy were stable year on year, with lower volumes compensated by pricing. In Europe, energy demand was reported to be positive.

Sandvik Manufacturing and Machining Solutions noted overall stable development in North America and Europe, while Asia continued to show a negative development year on year.

Widing shared, “A positive order intake development was seen in North America and Europe. The recovery in China after the re-opening has been slower than expected, with a weaker sentiment also signalled in the recent PMIs. The daily order intake in the first two weeks of July was stable compared to the second quarter.”

Adjusted EBITA reportedly grew by 28% and amounted to SEK 6,599 million, corresponding to a margin of 20.5%. Higher volumes, pricing and reduced air freight were said to have contributed positively to the margin.

“In summary, we leave yet another quarter with double-digit growth and a strong operating margin behind us. We are continuously making progress in our shift to growth strategy, adding acquisitions that keep strengthening our position for growth, while maintaining a good innovation pace, and tight cost control. I want to thank the organisation for their strong commitment to delivering on our strategy. It is evident that Sandvik is an agile, high-quality company,” concluded Widing.

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