Epiroc CEO Helena Hedblom celebrates record company quarter

Epiroc, a global market manufacturer of drill rigs and hydraulic breakers for the quarrying and mining industries, has posted record quarterly revenues and order intake.
Breaking, Drilling & Blasting / July 19, 2023
By Guy Woodford
Epiroc CEO & president Helena Hedblom has welcomed the company's record trading quarter. Pic: Epiroc

The Swedish company’s revenues increased 34% to SEK 15.91bn (€1.38bn), driven by organic growth, particularly for equipment and acquisitions. Operating profit for the quarter increased 43% to SEK 3.41bn (€296.29mn).

Epiroc’s order intake increased by 15% to SEK 15.43bn (€1.34bn), with a strong contribution from acquisitions. Customer activity remained high, especially in mining.

Reacting to the new record quarterly trading figures, Epiroc CEO & president Helena Hedblom said: “I am pleased to see that our recent acquisitions have achieved higher revenues than anticipated. We had an especially strong development for automation solutions.

“In the near term, we expect that the underlying demand, both for equipment and aftermarket, will remain at a high level.”

In Q2 2023, the Epiroc World Expo, hosted in May in Örebro, Sweden, gathered almost 200 customers from 25 countries. During the week, Epiroc showcased innovations and solutions to increase productivity and enhance customer sustainability. Epiroc also hosted its Capital Markets Day with more than 100 external guests in conjunction with the event.

Epiroc SmartROC T35
Epiroc's SmartROC T35 E battery-powered tophammer drill rig. Pic: Epiroc

Hedblom continued: “In an annual ranking of 500 companies conducted by the Financial Times, Epiroc was named a ‘Europe Climate Leader’ and came out among the top one-third of the companies. Epiroc was highest ranked among the Sweden-based companies in the ‘Machines & industrial equipment’ category. Climate is important both to us and to our customers. We invest more than ever in innovation to keep providing customers with equipment and services that increase productivity and reduce emissions. Year-on-year, our R&D expenses are up almost 40% to SEK 500 million.”

While Epiroc’s roots trace back 150 years to 1873, in June, the company celebrated its fifth birthday as a standalone company. “We have several milestones to be proud of. We have successfully established the Epiroc brand, innovation is thriving, we have set ambitious sustainability goals for 2030 - validated as science-based targets - and we launched our new vision, Dare to think new,” said Hedblom.

She added: “In Q2 2018, our rolling twelve months revenues were SEK 34 billion and now, we are at SEK 57 billion. This corresponds to an increase of 65% and an annual growth rate of 11%. At the same time, our adjusted EBIT has grown even more, almost doubling from BSEK 6.7 to BSEK 13.0, corresponding to an annual growth rate of 14%. That is a strong achievement that we can be proud of.”

Hedblom said that as a “team”, Epiroc had demonstrated great strength and resilience amid major and unforeseen challenges during the past years. “Automation, digitalisation, and electrification are transforming the industry, but it is the people that make it happen. At Epiroc, we have more than 18,000 passionate colleagues who share a relentless ambition to bring value to our customers - not only today but also in the future. Seeing their drive, I am certain that the best is yet to come.”


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