Epiroc reports a 'resilient' Q4

Swedish mining equipment company Epiroc has said demand for automation, digitalisation and electrification solutions remained high in 2020 amid “significant” impacts on other sectors due to the COVID-19 pandemic.
Epiroc reports a 'resilient' Q4 Epiroc reports a 'resilient' Q4 Epiroc reports a 'resilient' Q4 Epiroc reports a 'resilient' Q4 Epiroc reports a 'resilient' Q4

Automation, digitalisation and electrification solutions are in high demand, says Epiroc

Operating profit in the fourth quarter of 2020 rose to SK2.21 billion (US$265.89 million) from 2.02 billion in the same period a year earlier, stated the company in an interim report. The value of orders received increased 1% to SK9.3 billion, an increase of 13%.

"The COVID-19 pandemic affected us significantly in 2020, yet we managed to adapt our way of working, lower our costs, prioritized innovation, show resilience in our profitability, and deliver a solid result," said Helena Hedblom, president and chief executive.

"We expect that the demand, both for equipment and aftermarket, will remain stable in the near term. Uncertainty, however, still remains regarding the COVID-19 development and any further related restrictions."

Orders received for Equipment & Services in the fourth quarter increased by 4% to SK6.9 billion, corresponding to an organic growth of 16%. Tools & Attachments orders decreased 7% to SK2.3 billion.

Due to a demand recovery in the second half of the year, the company's order intake for 2020 reached a value of SK36.5 billion, unchanged from the previous full year. Revenues fell 5% from 2019 to SK36.1 billion due to lower equipment volumes.

"Automation, digitalisation and electrification solutions are in high demand and we connect more and more machines. We continue to win orders and we are proud of our market-leading solutions that are globally deployed and proven," said Hedblom.