Swedish engineering group Sandvik AB on Wednesday reported a fall in second-quarter revenue and profit, though the company pointed to strong underlying demand.
Revenue for the quarter ending June 30 was 29.7 billion Swedish Kronor, down from 31.42 billion Swedish Kronor in the same period a year earlier, the company said.
Profit for the period fell to 3.22 billion Swedish Kronor from 3.46 billion Swedish Kronor.
Despite the decline, Sandvik said that order intake at fixed exchange rates increased by 10% year-over-year, while revenue at fixed rates grew by 4%.
Total order intake was nearly flat at 32.21 billion Swedish Kronor.
The company's adjusted operating margin (EBITA) contracted slightly to 19.0% from 19.6% a year ago.
Sandvik also reported a rise in free operating cash flow, which increased to 5.09 billion Swedish Kronor from 4.20 billion Swedish Kronor.
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