Sandvik AB announced consolidated earnings results for the fourth quarter and full year and parent company earnings results for the fourth quarter ended December 31, 2014. For the quarter, on consolidated basis, the company announced revenue of SEK 23,394 million compared to SEK 21,770 million for the same period a year ago. Operating profit was SEK 2,623 million compared to SEK 590 million for the same period a year ago. Profit after financial items was SEK 2,121 million compared to SEK 66 million for the same period a year ago. Profit for the period was SEK 1,504 million compared to SEK 46 million for the same period a year ago. Earnings per share were SEK 1.21 compared to SEK 0.04 for the same period a year ago. Cash flow from operations was SEK 4,104 million compared to SEK 2,857 million for the same period a year ago. Return on total equity was 17.4% compared to 15.3% for the same period a year ago. Adjusted operating profit was SEK 2,552 million compared to SEK 2,390 million for the same period a year ago. Capital expenditure (capex) for the fourth quarter amounted to SEK 1.5 billion. Investments were higher in the fourth quarter due to normal seasonality. Investments in intangible assets were SEK 269 million compared to SEK 340 million in last year. The adjusted operating profit was positively impacted by changed exchange rates in the amount of SEK 270 million and by SEK 71 million from two divestments in Sandvik Materials Technology. Net debt reduced to SEK 2.5 billion in the quarter.

For the full year, on consolidated basis, the company announced revenue of SEK 88,821 million compared to SEK 87,328 million for the same period a year ago. Operating profit was SEK 10,120 million compared to SEK 8,638 million for the same period a year ago. Profit after financial items was SEK 8,264 million compared to SEK 6,753 million for the same period a year ago. Profit for the period was SEK 5,992 million compared to SEK 5,008 million for the same period a year ago. Earnings per share were SEK 4.79 compared to SEK 4.00 for the same period a year ago. Cash flow from operations was SEK 9,515 million compared to SEK 5,133 million for the same period a year ago. Return on total equity was 17.4%. Adjusted operating profit was SEK 10,128 million compared to SEK 10,778 million for the same period a year ago. Net debt at the end of the period was SEK 30,742 million compared to SEK 25,184 million for the same period a year ago. Capital expenditure (capex) amounted to SEK 4.7 billion. Investments in intangible assets were SEK 839 million compared to SEK 796 million in last year.

For the year, on parent company basis, the company announced revenue of SEK 16,475 million compared to SEK 15,873 million for the same period a year ago. Operating loss was SEK 1,165 million compared to SEK 687 million for the same period a year ago. Profit after financial items was SEK 6,089 million compared to SEK 11,887 million for the same period a year ago. Profit for the period was SEK 5,852 million compared to SEK 6,576 million for the same period a year ago.

The group estimated capex at below SEK 5 billion for 2015 and tax rate estimated at about 26-28%.