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Sandvik Q3 orders just miss forecasts, earnings better than expected

Swedish metal-cutting tools and mining gear Sandvik reported quarterly order intake just short of market forecasts on Friday, overshadowing a beat on earnings and sending shares 3% lower.

STOCKHOLM, Oct 16 (Reuters) - Swedish metal-cutting tools and mining gear Sandvik SAND.ST reported quarterly order intake just short of market forecasts on Friday, overshadowing a beat on earnings and sending shares 3% lower.

The company, one of the first major Nordic industrial firms to report July-September earnings, said order intake fell 11% organically to 19.91 billion crowns ($2.25 billion), just short of the 20.02 billion seen by analysts according to Refinitiv estimates.

"We expect the gradual recovery to continue, but the market

conditions will be uncertain until we have put the pandemic

firmly behind us," Chief Executive Stefan Widing said in a statement.

Third-quarter operating earnings at the firm rose to 3.46 billion crowns from 3.00 billion a year earlier, beating the 3.31 billion crown mean analyst forecast in a Refinitiv poll.

($1 = 8.8539 Swedish crowns)

(Reporting by Johannes Hellstrom; Editing by Simon Johnson)

((johannes.hellstrom@thomsonreuters.com; +46850242388; Reuters Messaging: johannes.hellstrom.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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