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Investing.com -- Shares in Epiroc (ST:EPIRb) slumped more than 7% Friday after the Swedish mining and construction equipment maker reported second-quarter results that fell short of expectations, with order and revenue growth both coming in below consensus estimates.
Orders rose 2% organically to SEK15.3 billion, missing expectations for 5% growth and SEK16.0 billion in total orders. The shortfall was mainly in Equipment, where Epiroc saw 2% organic growth, a sharp contrast to the 50% surge reported by rival Sandvik Mining.
Service and Tools & Attachments orders grew 3% and 2%, respectively, roughly in line with Sandvik’s 3% aftermarket growth.
Revenue increased 1% organically to SEK15.1 billion, about 4% below the SEK15.8 billion consensus forecast. Growth was relatively balanced across Equipment, Service, and Tools & Attachments, each rising 4–5%.
Adjusted EBIT came in at SEK2.98 billion, slightly below the SEK3.12 billion consensus, with the margin steady year-on-year at 19.7%.
Operating cash flow was SEK1.1 billion, down from SEK1.6 billion in the same quarter last year.
The company maintained its outlook, expecting strong underlying mining demand to continue in both equipment and aftermarket, while construction demand is expected to remain weak.