By Katarina Gustafsson
STOCKHOLM--Swedish engineering group Sandvik AB (SAND.SK)
Tuesday posted a fourth-quarter net profit that was slightly lower
than a year ago and raised its dividend, saying the global business
climate was weak at the end of 2012.
MAIN FACTS:
-Sandvik made a net profit of SEK728 million ($113.3 million)
for the last three months of 2012, compared with a net profit of
SEK731 million for the same period 2011.
-Revenue amounted to SEK24.33 billion, down from SEK25.10
billion a year ago and higher than the SEK23.73 billion that was
the average forecast in a Dow Jones Newswires/Factset survey of 12
analysts.
-Ebit was SEK2.13 billion, compared with SEK1.65 billion a year
ago.
-Sandvik said it reduced its workforce by 500 people during the
quarter, adding that overall demand was largely on par with the
third quarter.
-Production rates were further reduced to align inventory levels
with the weaker demand which adversely impacted operating profit,
but contributed significantly to a strong cash flow.
-Changed exchange rates had no effect on earnings, while changed
metal prices had a negative impact SEK65 million.
-Results were hit by around SEK920 million in non-recurring
items.
-Order intake was SEK21.07 billion, compared with SEK23.99
billion a year earlier.
-Sandvik's board of directors proposes a dividend of SEK3.50 per
share, up from SEK3.25 per share a year ago.
-Shares Monday closed at SEK106.10.
-Write to Katarina Gustafsson at
katarina.gustafsson@dowjones.com; Twitter: @DowJonesNordics
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