"Machining Solutions (SMS) epitomises 3Q – strong execution but a weak topline trend," Société Générale said in an Oct. 24 note to clients. "Sandvik orders were flat organically and in line with consensus adjusted for a SEK350m ‘large’ order at Materials Technology (SMT)."

 Société Générale did note that Mining & Rock Technology (SMRT) showed an upside surprise for Sandvik, but that the outlook was dim because of declining orders.

 "Moreover, Sandvik signalled that it had seen no sequential pick-up in 4Q demand at SMS," Société Générale said. "We think this points to sustained weakness in areas like general engineering and a softening in US autos."

 Sandvik reported a Q3 operating profit of SEK2.623 billion from SEK2.325 billion a year earlier with orders in the quarter at SEK19.70 billion, compared to 19.73 billion in the same period a year ago.

 APMEN Business News, Oct 2016