SANDVIK AB S/ADR - SDVKY STOCK NEWS

Sandvik AB reported strong first-quarter results for 2023, demonstrating robust performance with an 18% increase in revenue, amounting to SEK 30,968 million compared to SEK 24,921 million in the same quarter last year. The company's order intake reached SEK 34,363 million, reflecting a 6% growth at fixed exchange rates. Adjusted EBITA stood at SEK 6,119 million, with a margin of 19.8%. Notably, the profit for the period was SEK 3,816 million, and adjusted earnings per share increased to SEK 3.04. The free operating cash flow also saw substantial growth, reaching SEK 3,710 million. These results were officially published on April 21, 2023.

On April 21, 2023, Sandvik announced the appointment of Mattias Nilsson as President of the Sandvik Manufacturing Solutions segment, effective May 8, 2023. Nilsson currently serves as Vice President of Offer Management and R&D at Sandvik Coromant and boasts extensive experience in manufacturing, having been with the company since 2007. He has previously held roles including General Manager of Sales Area South Europe and Managing Director of Sandvik Teeness. Nilsson replaces Christophe Sut, who is transitioning to the role of CEO at Scanfil. CEO Stefan Widing expressed confidence in Nilsson's leadership and international expertise, anticipating positive contributions to the company.

Sandvik will announce its first quarter results on April 21, 2023, at approximately 11:30 AM CEST. A combined webcast and conference call for investors, analysts, and financial media will follow at 1:00 PM CEST, featuring presentations by Stefan Widing, President and CEO, and Cecilia Felton, CFO. Investors can access the presentation live on Sandvik's website, with presentation slides available by 12:30 PM CEST. The conference call can be dialed in from Sweden, the UK, and the US using provided numbers. For inquiries, contact Louise Tjeder or Johannes Hellström.

Sandvik has acquired MCB Services and Minerals, a Brazilian seller of mining software and services, for an undisclosed amount. MCB generated revenues of SEK 60 million in 2022 and will be integrated into Sandvik's Digital Mining Technologies division. This acquisition is expected to be accretive to Sandvik's earnings per share. MCB has established strong relationships with key open-pit mines across Latin America, aligning with Sandvik's strategic objective to expand in the surface mining segment. The deal enhances MCB's existing partnership with Deswik, strengthening their market position in Brazil and beyond.

Sandvik has secured a significant order valued at approximately SEK 180 million from Codelco, the world's largest copper producer, to deliver an AutoMine® Fleet automation system and six autonomous loaders for the El Teniente mine in Chile. This contract marks a continuation of their ongoing partnership and is expected to enhance Codelco's goal of creating the most automated mine globally. The order was booked in the first quarter of 2023, with delivery planned for the same year, adding to Codelco's fleet of over 40 autonomous Sandvik machines.

On March 28, 2023, Sandvik announced a significant order from Torex Gold Resources for a 35-unit mining equipment fleet at the Media Luna project in Mexico, valued at approximately SEK 650 million. This includes 15 battery-electric vehicles (BEVs) and 20 conventional internal combustion engine (ICE) units, marking Sandvik's first BEV order in Latin America. Deliveries will start in Q3 2023 and extend into Q4 2025. The contract highlights a push towards sustainable mining practices as Torex aims to launch commercial production by early 2025, targeting 7,500 metric tons per day by 2027.