Swedish mine equipment maker Sandvik’s revenues rose by 16pc to SEK23.5bn ($2.7bn) in Q2 2021 compared to the same year-ago quarter.
The company noted strong demand with Q2 new orders increased by 74pc annually. Better demand was reflected in orders from the US and Europe, especially Germany. The general engineering and automotive engineering segment was firm as well while the oil and gas segment saw sluggish recovery in Q2.
Revenues increased 16pc to SEK23.5bn ($2.7bn) in Q2 2021 compared to the prior year period. Order intake for H2 was SEK51.7bn as revenues hit SEK45.2bn as the adjusted operating profit reached SEK8.6mn.Order intake grew by 36pc to SEK25.9bn in Q2 2021 against the same period last year. In Q2, Adjusted operating profit increased by 67.6pc to SEK4.5bn compared SEK2.8bn in Q2 2020.
Over the past six months, the company integrated Allied Construction Partners which was purchased in October 2020, along with Miranda Tools, Oqton, and CFTEch which were all acquired in December 2020.