Epiroc celebrates record trading year & strong Q4 performance despite challenging market 

Epiroc, the Swedish global market manufacturer of drill rigs and hydraulic breakers for the quarrying and mining industries, is celebrating record full-year and strong Q4 2022 results, despite significant market challenges.
Breaking, Drilling & Blasting / February 1, 2023
By Guy Woodford
An Epiroc SmartROC T35 E battery-powered tophammer drill rig

The company's Q4 2022 revenues increased 25% to SEK 13,936mn (SEK 11,173mn Q4 2021), an organic increase of 8%. Meanwhile, operating profit for the review period rose 25% to SEK 3,235mn (SEK 2,594mn). Orders received increased by 18% to SEK 13,705mn (SEK 11,643mn), an organic decrease of -4%. Excluding Russia, the organic growth was 3%. 

The Q4 2022 period saw Epiroc announce and/or complete acquisitions that strengthen the manufacturer's position in automation, electrification and digitalisation.

Commenting on Epiroc's full-year and Q4 2022 performance, company CEO and president Helena Hedblom 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. 

Helena Hedblom
Epiroc CEO & president Helena Hedblom

"Customer activity remained high in 2022. We won many large equipment orders and had strong development in the aftermarket. We launched many ground-breaking innovations and made several acquisitions to help customers increase safety and productivity and reduce emissions. Demand is continuously increasing for our electrification and automation solutions, and we strengthened our position as a market leader in these areas."

Hedblom said Epiroc had "executed well" on strategy and delivered profitable growth. "All in all, it was a record year for Epiroc. The demand remained high in the fourth quarter. That said, large equipment orders are often lumpy, and we did not receive as many large orders as in previous quarters. Service continued to grow well, supported by high customer activity. In the near term, we expect the underlying demand for equipment and aftermarket will remain at a high level."

To continue to drive its market industries' ongoing productivity and sustainability transformation, Hedblom said Epiroc is investing more than ever in R&D: SEK 1,438mn in 2022 (SEK 1,172 in 2021). This is resulting in "exciting new products and solutions". "The acquired companies serve the same purpose, to provide customers with the best solutions available today and in the future," she added.

Hedblom continued: "Do you remember our collaboration with Roy Hill in Australia in creating the world's largest autonomous mine? In January, we announced that Epiroc will continue to support Roy Hill as they enter the final stage and convert their mixed fleet of 96 haul trucks to driverless operation. After a two-year testing phase, the solution Epiroc has developed in collaboration with ASI Mining has proved to be more productive and safe than conventional solutions. 

"Another highlight is that in collaboration with Agnico Eagle Mines and Orica, we have successfully commenced live blasting using Avatel at the Kittilä mine in Finland. Avatel is the world's first semi-automated charging system for underground use. It is a game changer as safety is significantly improved during the charging cycle."

Hedblom said that as Epiroc enters 2023, the company is stronger "than ever", adding: "Our employees are our greatest asset, and I am proud of the hard work and all achievements. We are committed to transforming the industry and creating value for all our stakeholders."




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