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    EPI A   SE0015658109

EPIROC AB (PUBL)

(EPI A)
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Mining gear maker Epiroc sees pandemic hit to near-term demand

07/23/2020 | 02:23am EST

* 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)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EPIROC AB (PUBL) 0.50% 220.5 Delayed Quote.193.22%
JPMORGAN CHASE & CO. -1.49% 158.83 Delayed Quote.24.99%
SANDVIK AB 1.96% 228.7 Delayed Quote.11.48%
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Analyst Recommendations on EPIROC AB (PUBL)
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Financials
Sales 2021 39 588 M 4 395 M 4 395 M
Net income 2021 6 918 M 768 M 768 M
Net cash 2021 3 362 M 373 M 373 M
P/E ratio 2021 38,0x
Yield 2021 1,42%
Capitalization 250 B 27 552 M 27 765 M
EV / Sales 2021 6,23x
EV / Sales 2022 5,35x
Nbr of Employees 15 198
Free-Float 81,1%
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 219,40 SEK
Average target price 205,90 SEK
Spread / Average Target -6,15%
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Managers and Directors
Helena Hedblom President, Chief Executive Officer & Director
Anders LindÚn Chief Financial Officer, SVP-Controlling & Finance
Ronnie Leten Chairman
Ylva Lindquist Vice President-Compliance
Anders Gerhard Ullberg Independent Director
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