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Sandvik AB S/ADR (SDVKY) is a global high-tech engineering group known for offering cutting-edge tools, solutions, and services for a variety of industries, including mining, construction, and manufacturing.
The company recently made headlines by acquiring Almü and Ahno, two leading cutting tools and solutions providers, to strengthen its position in lightweight materials and expand its presence in China. Sandvik also secured significant orders for electric rotary drill rigs in Mongolia and underground mining equipment in India.
With a strong focus on innovation, sustainability, and customer satisfaction, Sandvik continues to lead the industry with its advanced engineering competence and tailor-made precision tool solutions.
Sandvik has completed its acquisition of Universal Field Robots (UFR), an Australian provider of autonomous interoperable solutions for mining markets. UFR, which will be integrated into Sandvik's Digital Mining Technologies division, generated revenues of approximately SEK 80 million in the fiscal year ending June 2024. The Brisbane-based company employs around 40 people. While the acquisition's impact on Sandvik's EBITA margin will be , it is expected to positively affect earnings per share (excluding non-cash amortization effects).
Sandvik released its interim report for Q3 2024, showing mixed results. Order intake was SEK 28,796 million, increasing by 4% at fixed exchange rates. Revenues reached SEK 30,306 million, with a 1% growth at fixed exchange rates. Adjusted EBITA was SEK 5,866 million, with a margin of 19.4%, down from 20.1% in the previous year. Adjusted EBIT stood at SEK 5,382 million, with a margin of 17.8%, compared to 18.5% previously. Profit for the period decreased to SEK 3,239 million from SEK 3,900 million. Earnings per share, diluted, fell to SEK 2.58 from SEK 3.10. On a positive note, free operating cash flow improved to SEK 6,762 million from SEK 5,830 million.
Sandvik (SDVKY) has announced the upcoming release of its third quarter 2024 results on Monday, October 21, 2024, at approximately 11:30 AM CEST. A combined webcast and conference call for investors, analysts, and financial media will be held at 1:00 PM CEST. The report will be presented by Stefan Widing, President and CEO, and Cecilia Felton, CFO.
The presentation will be broadcasted live on Sandvik's website. Dial-in details for the conference call are provided for Sweden, UK, and US participants. Presentation slides will be available on the company's website from about 12:30 PM CEST.
Sandvik has announced strategic changes in its business focus, resulting in the divestment of non-core assets. The company has sold the engineer-to-order business of DWFritz Automation to Balmoral Funds and decided to exit its minority stake in BEAMIT, an Italian additive manufacturing service provider. These moves align with Sandvik's renewed focus on software solutions, enabling hardware, and metal powders in additive manufacturing.
The company will incur charges of approximately SEK 390 million in the third quarter, reported as items affecting comparability. This includes a capital loss of about SEK 250 million from the DWFritz divestment and a write-down of SEK 140 million related to the BEAMIT stake. Sandvik will retain the ZeroTouch® platform, which is important to its closed loop strategy. Both DWFritz and BEAMIT were previously reported under the Sandvik Manufacturing and Machining Solutions business area.
Sandvik AB has announced the formation of its Nomination Committee for the 2025 Annual General Meeting, following the instruction adopted in 2020. The committee consists of five members:
- Fredrik Lundberg (AB Industrivärden), Chairman
- Daniel Kristiansson (Alecta)
- Marianne Nilsson (Swedbank Robur Funds)
- Lars Pettersson (Lundbergs)
- Johan Molin (Sandvik's Chairman of the Board)
The committee will prepare proposals for the 2025 AGM, including the Chairman of the Meeting, Board members, fees, auditor selection, and potential changes to the committee instruction. The AGM is scheduled for April 29, 2025 in Sandviken, Sweden. Shareholders can submit proposals to the committee by January 20, 2025.
Sandvik (SDVKY) has announced its upcoming Capital Markets Day, scheduled for May 20-21, 2025, at their Manufacturing and Machining Solutions site in Gimo, Sweden. The event, running from midday to midday, will feature presentations by the CEO, CFO, and business area management, along with a site tour. This gathering offers institutional investors, financial analysts, and financial media an opportunity to receive updates on Sandvik's strategy and development. The company will provide more information and registration details in due course. For further inquiries, interested parties can contact Louise Tjeder, VP Investor Relations, or Johannes Hellström, Press and Media Relations Manager.
Sandvik has secured a major contract worth SEK 1.9 billion from BHP for the Jansen Potash Project in Saskatchewan, Canada. This order, for Stage 2 of the project, includes potash continuous mining systems. The order value will be reported in installments: SEK 500 million in Q3 2024, SEK 400 million each in Q2 and Q3 2025, and the remainder in Q2 2026. Deliveries are expected from 2028 to 2029.
This contract follows a SEK 2 billion order for Stage 1 announced in 2022. The Jansen Potash Project has the potential to become the world's largest potash-producing mine, supporting global food production through fertilizer production.
Sandvik (SDVKY) has signed an agreement to acquire Universal Field Robots (UFR), an Australia-based provider of autonomous interoperable solutions for mining markets. UFR's portfolio, built on a common autonomy platform, complements Sandvik's automation offering with OEM-agnostic robotic solutions for various mining equipment. This acquisition will expand Sandvik's addressable market and strengthen its AutoMine® platform's position. UFR, with about 40 employees and headquartered in Brisbane, generated revenues of approximately SEK 80 million in the financial year ending June 2024. The transaction is expected to close in Q4 2024, with a positive impact on Sandvik's earnings per share. The purchase price was not disclosed.
Sandvik's Q2 2024 interim report shows mixed results. Order intake increased by 3% at fixed exchange rates to SEK 32,354 million, while revenues declined by 2% to SEK 31,419 million. The company's adjusted EBITA decreased to SEK 6,149 million, with a margin of 19.6%, down from 20.5% in the previous year. Adjusted EBIT also declined to SEK 5,688 million, with a margin of 18.1%. Despite these challenges, profit for the period increased to SEK 3,462 million, with earnings per share rising to SEK 2.76. Free operating cash flow decreased to SEK 4,198 million. The report indicates a slight decline in overall performance, with some positive aspects in order intake and profit growth.
Sandvik has secured a significant order for underground mining equipment from Evolution Mining, an Australian-based company. The order, valued at SEK 300 million, was booked in the second quarter of 2024. Deliveries are set to begin in the third quarter of 2024 and will continue over the next 12 months. The equipment includes advanced loaders, trucks, and development drills to be used in various Australian mines. Mats Eriksson, President of Sandvik Mining and Rock Solutions, expressed satisfaction in strengthening their partnership with Evolution Mining.
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