Swedish manufacturer Sandvik (STO: SAND) reported sales for the first quarter of SEK 23.3 billion (US$2.7 billion), a 12.3 percent increase year-over-year. Profit for the quarter decreased 72.5 percent to SEK 410 million (US$47.6 million).

"During the quarter we finalized preparations for the important launch of the new product family of Duratomic inserts from Seco Tools in early April," said Olof Faxander, president and CEO. "We are also making progress on developing our aftermarket offering within Sandvik Mining.”