Total order intake was flat year on year. At fixed exchange rates, order intake grew by 4%, of which 2% organically. Total revenues declined by 4%. At fixed exchange rates, revenues grew by 1%, of which organic -1%. Continued solid demand was noted in the mining business, driven by positive momentum in the aftermarket divisions.

Favorable mineral prices continued to spur high mining activity, and the ambition to maximize production with existing, older equipment, is driving an increased need for services and spare parts. Demand in infrastructure remained weak, explained by a low activity in general, and high stock levels with dealers. Sandvik Mining and Rock Solutions noted the strongest organic order intake growth in South America, and Sandvik Rock Processing Solutions in Australia.

During the quarter, the National Mining Association hosted the MINExpo InternationalTM, an event where stakeholders meet for dialogue and learnings, and where Sandvik introduced many new innovations. Overall, order intake in the short cycle businesses declined year on year. With subdued industrial activity, weaker macro trends in general, and challenges in the automotive industry, the cutting tools business saw softer demand in all major regions. Weakest demand was noted in Europe, and in the customer segments general engineering and automotive. Temporary bottlenecks in the aerospace segment had a slight impact on orders in the quarter, while the outlook for the industry remained positive. Solid momentum was noted in the software business driven by North America and Asia, while Europe and in particular automotive customers, were more cautious