Epiroc sees increase in orders in Q4 2022
By Catrin Jones31 January 2023
Swedish manufacturer of mining and infrastructure equipment, Epiroc, has released their interim report for Q4 2022. Several acquisitions announced throughout the quarter are said to have strengthened Epiroc’s position in automation, electrification and digitalization.
The demand is said to have remained high in the fourth quarter with the company reporting that service continued to grow well, supported by high customer activity. The order intake increased by 18% to MSEK 13 705 (€1.2 billion).
The period of strong order growth, easing supply-chain challenges and a good output level from Epiroc’s production sites led to reported ‘record-high’ revenues. Organically, the company’s revenues increased 8% to MSEK 13 936 (€1.22 billion).
The manufacturer added that following a period of strong equipment growth, with lead times of around 9-12 months and extended freight times, the quarter ended with a higher level of working capital. This in turn impacted the operating cash flow negatively and it amounted to MSEK 1 519 (€134 million).
Helena Hedblom, CEO of Epiroc, said, “Throughout 2022, Epiroc managed significant supply-chain challenges, including disruptions resulting from the war in Ukraine. In March we stopped deliveries into Russia, which at the time was our fourth largest market.
“Customer activity remained high in 2022. We won many large equipment orders and we had strong development in the aftermarket.”