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Sandvik shares dip after 'mixed' Q3

By Reuters News14 hours ago Updated

** Shares of Swedish engineering group Sandvik SAND.ST fall about 5% as the company's Q3 margins missed expectations despite better-than-expected sales

** While orders and sales beat estimates, adjusted EBITA margin missed forecasts by 10 bps, J.P.Morgan says

** "Overall, we see this print as mixed against high expectations in Mining orders and Machining margins, with a high degree of uncertainty remaining on the evolving tungsten situation," JPM says

** The brokerage adds that the tungsten-related EBITA benefit of SEK 104 million came in below expectations and is expected to have only a limited impact in the fourth quarter

** Additionally, Rock Processing orders missed both JPM and consensus estimates, with organic order intake declining 8%, the brokerage says

** Today's losses wiped out 14.8 billion Swedish crowns from the company's market cap

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