Sandvik posts record profits on mining demand in 2d qtr.

Jul 20, 2012 | 10:27 AM | Leanna Orr

Tags  Sandvik, Olof Faxander, stainless, tubing, Leanna Orr

NEW YORK — Sandvik AB posted record profits in the second quarter, driven by strong demand from the global mining industry and cost-cutting measures.

Operating earnings hit 4.21 billion krona ($605.83 million), up 18 percent from a year earlier, handily beating analysts’ expectations.

"Similar to previous quarters, both Sandvik Mining and Sandvik Machining Solutions noted high demand, while the other business areas all faced a more challenging market situation," Olof Faxander, president and chief executive officer, said in a statement.....

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