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    EPI A   SE0015658109

EPIROC AB (PUBL)

(EPI A)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe Europe - 01/25 11:29:45 am
205.4 SEK   -1.25%
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Mining gear maker Epiroc sees pandemic hit to near-term demand

07/23/2020 | 01:55am EST

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 (125.77 million pounds) 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.

By Johannes Hellstrom


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EPIROC AB (PUBL) -1.25% 205.4 Delayed Quote.-9.25%
JPMORGAN CHASE & CO. 1.09% 146.53 Delayed Quote.-8.46%
SANDVIK AB 0.30% 237 Delayed Quote.-6.45%
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Analyst Recommendations on EPIROC AB (PUBL)
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Financials
Sales 2021 39 599 M 4 281 M 4 281 M
Net income 2021 6 967 M 753 M 753 M
Net cash 2021 3 376 M 365 M 365 M
P/E ratio 2021 35,7x
Yield 2021 1,41%
Capitalization 234 B 25 221 M 25 320 M
EV / Sales 2021 5,83x
EV / Sales 2022 4,92x
Nbr of Employees 15 198
Free-Float -
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 205,40 SEK
Average target price 220,00 SEK
Spread / Average Target 7,11%
EPS Revisions
Managers and Directors
Helena Hedblom President, Chief Executive Officer & Director
Hňkan Victor Folin Chief Financial Officer, SVP-Finance & Controlling
Ronnie Leten Chairman
Ylva Lindquist Vice President-Compliance
Anders Gerhard Ullberg Independent Director
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