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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Epiroc AB    EPI A   SE0011166933


Real-time Estimate Quote. Real-time Estimate CHI-X - 10/27 12:25:00 pm
136.475 SEK   +1.06%
10/23GLOBAL MARKETS LIVE : Intel, Mattel, Nordea…
10/23EPIROC : Capital Markets Digital Fika 2020 - registrations open
10/22EPIROC : interim report Q3 2020
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Mining gear maker Epiroc sees pandemic hit to near-term demand

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07/23/2020 | 03:23am EDT

* Q2 like-for-like order intake -17% to SEK 8.1 bln

* Reported operating profit matches forecast

* Says pandemic to hit demand in near term

STOCKHOLM, July 23 (Reuters) - Swedish mining gear maker Epiroc said on Thursday it expected the coronavirus pandemic to weigh on demand in the near term as it reported a quarterly earnings decline in line with market expectations and a steep fall in order intake.

The company, one of the world's top suppliers of underground mining equipment such as drill rigs, said second-quarter order intake fell 17% like-for-like as clients put the brakes on spending and pandemic restrictions hit mining activity.

"Our customers were hesitant to place equipment orders and restrictions led to lower customer activity, particularly in the beginning of the quarter, which impacted our aftermarket business negatively," CEO Helena Hedblom said in a statement.

Rival Sandvik last week reported a quarterly underlying order drop of 10% in its Mining and Rock Technology unit with demand hit by pandemic-related mine closures.

Operating earnings at Epiroc fell to 1.42 billion Swedish crowns ($160 million) from 2.26 billion crowns in the year-earlier quarter, matching analysts' mean forecast, according to data from Refinitiv.

The operating profit included items affecting comparability totalling 165 million crowns, the company said.

"All in, we see the results as "ok" but probably no better and that is likely not enough to support the shares this morning after a strong run," analysts at JPMorgan said in a research note.

Epiroc shares, which had risen around 10% this month, were down 4.5% in early trading in Stockholm.

($1=8.8624 Swedish crowns) (Reporting by Johannes Hellstrom; Editing by Niklas Pollard and Mark Potter)

Stocks mentioned in the article
ChangeLast1st jan.
EPIROC AB 1.04% 136.45 Delayed Quote.18.10%
JPMORGAN CHASE & CO. -1.51% 99.7501 Delayed Quote.-25.53%
SANDVIK AB -0.72% 166.3 Delayed Quote.-8.29%
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All news about EPIROC AB
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More news
Sales 2020 35 857 M 4 118 M 4 118 M
Net income 2020 5 193 M 596 M 596 M
Net cash 2020 4 532 M 520 M 520 M
P/E ratio 2020 31,2x
Yield 2020 1,91%
Capitalization 162 B 18 690 M 18 661 M
EV / Sales 2020 4,40x
EV / Sales 2021 4,08x
Nbr of Employees 13 902
Free-Float 80,5%
Duration : Period :
Epiroc AB Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EPIROC AB
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 21
Average target price 134,58 SEK
Last Close Price 135,05 SEK
Spread / Highest target 25,9%
Spread / Average Target -0,35%
Spread / Lowest Target -38,5%
EPS Revisions
Helena Hedblom President, Chief Executive Officer & Director
Ronnie Leten Chairman
Anders Lindén Chief Financial Officer, SVP-Controlling & Finance
Anders Gerhard Ullberg Independent Director
Johan Patrik Lennart Forssell Independent Director
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