Epiroc, a leading drill rig and hydraulic breaker manufacturer in the global quarrying and mining industries, celebrated its best ever quarter for electrification-linked orders and welcomed rises in operating profit, revenues and overall orders in the second quarter.
The Swedish company’s orders increase 21% to SEK 13,377mn (€1.273mn) (SEK 11,070mn Q2 2021), an organic increase of 6%. Excluding Russia, the organic order growth was 18%.
Epiroc revenues increased 22% to SEK 11,868mn (SEK 9,733mn), an organic increase of 9%.
The company’s operating profit increased 9% to SEK 2,381mn (SEK 2,182mn), corresponding to a margin of 20.1% (22.4% organically).
Commenting on Epiroc’s Q2 2022 trading performance, company CEO and President Helena Hedblom said: “Several large equipment orders were won, of which many included battery-electric and automation solutions. Also, the service business performed strongly. We expect that the underlying demand, both for equipment and aftermarket, will remain at a high level in the near term.”
Hedblom described the ongoing war in Ukraine as “truly horrifying” and stressed that Epiroc continued to take measures to protect colleagues and manage the complex situation in Ukraine and Russia.
“We also continue to face higher input costs and supply-chain challenges. However, our agile organisation can adapt quickly to changes and challenges, and our large aftermarket business provides resilience.”
Hedblom said Epiroc offered “market-leading solutions within automation, digitalisation, and electrification” and noted that the second quarter was the company’s best quarter ever for electrification.
“We won several orders for battery-electric equipment, also for greenfield projects, as well as for battery retrofits and electrical infrastructure solutions. And, shortly a customer will be testing our first battery-electric surface drill rig. We are excited to help our customers reach their sustainability goals.”
Hedblom noted that in June Epiroc celebrated four years as a listed company. “It has been an exciting time. We drive the productivity and sustainability transformation in our industry and will continue doing this by investing in innovation, aftermarket, and options for the future. Some examples are the acquisitions of a provider of electrical infrastructure solutions and of a manufacturer of rock drills. Also, to enhance focus, we appointed a Chief Technology Officer and created a dedicated division for our digital solutions. We continue to build for the future, and I am proud of all our passionate and committed colleagues who take part in our journey.”
