Epiroc toasts record quarterly revenues & profit

Breaking, Drilling & Blasting / October 27, 2022
By Guy Woodford
Epiroc CEO & president Helena Hedblom

Epiroc, the Swedish global market manufacturer of drill rigs and hydraulic breakers for the quarrying and mining industries, is celebrating record quarterly revenues and profit.

Q3 orders received, excluding Russia, increased to SEK 13,324mn (SEK 11,493mn), an organic increase of 5%. Revenues increased 28% to SEK 12,802mn (SEK 9 966mn), an increase of 12% organically. Meanwhile, adjusted quarterly profit increased 31% to SEK 3,064mn (SEK 2,331mn).

Epiroc CEO and president Helena Hedblom said: "The third quarter was a strong quarter in many ways. The order intake remained high, and we successfully managed to increase output, despite supply-chain challenges. This translated into record revenues and profit.

"Many orders included automation, digitalisation and electrification solutions, which help our customers to increase safety and productivity, and lower emissions. One example is an order we received for a collision avoidance system for more than 60 underground machines in Africa. Another example is an order won by our recently acquired company JTMEC that will provide the electrical infrastructure to a major tunnelling project in Australia. These solutions are critical for customers regardless of business climate."

Hedblom said Epiroc expected high underlying demand for equipment and aftermarket services to continue.  

She continued: "A large portion of our revenues comes from the aftermarket. To further enhance our focus and build even stronger customer relations, we will establish regional Parts & Services divisions in 2023.

"Innovation is one of our strategic focus areas. We continuously expand our offerings and complement our growth with acquisitions that accelerate realisation of our strategy. For example, AARD Mining Equipment widens our range of underground machines for mines with low mining heights, and Radlink and Geoscan strengthen our digital offerings. Radlink offers robust wireless networks that are vital for both automation and digitalisation. Geoscan enhances the knowledge of the ore body, which in turn increases productivity throughout the mining process."

Hedblom said that by collaborating closely with customers, partners and innovation leaders, including in other industries, Epiroc was driving the transformation of the mining and construction industries.



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