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)
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