Revenues up at Epiroc
20 July 2022
Sweden-based equipment manufacturer Epiroc has reported a 22% year on year increase in revenues for the second quarter of 2022, equating to an organic growth of 9% when acquisitions were excluded.
The company posted a total of just under SEK 12 billion (US$1.16 billion), despite the impact of the war in Ukraine on its Russian operations.
In the same period, adjusted operating profit grew by 9% to MSEK 2,381 ($231 million), corresponding to a margin of 20.1%.
“Demand remained high and orders received increased 21% to MSEK 13,377 ($1.3 billion),” said Epiroc president and CEO Helena Hedblom.
“Several large equipment orders were won, of which many included battery-electric and automation solutions. Also, the service business performed strongly. In total, the organic order growth was 6%. Excluding Russia, the organic order growth was 18%.
“We expect that the underlying demand, both for equipment and aftermarket, will remain at a high level in the near term.
“The war in Ukraine is truly horrifying and we continue to take measures to protect our colleagues and manage the complex situation in Ukraine and Russia.
“We also continue to face higher input costs and supply-chain challenges. However, our agile organisation can adapt quickly to changes and challenges, and our large aftermarket business provides resilience.”