Sandvik Reports 60% Drop In Q3 Profit

Sandvik AB

reported a 60% decline in its third-quarter profit. Sandvik's quarterly earnings dropped to 626 million Swedish kronor ($96 million), or 0.53 krona per share, versus 1.58 billion kronor, or 1.33 krona per share, in the year-ago period. Its sales rose to 23.53 billion kronor from 20.24 billion kronor. SDVKY shares dropped 6.22% to close at $13.71 yesterday.