Record high for Epiroc in Q1

While the company’s revenues decreased by 4% to SEK8.7 billion (US$1.03 billion), Epiroc’s financial report showed organic revenues had increased by 6% for both equipment and aftermarket services.

According to the manufacturer’s president and CEO, Helena Hedblom, equipment and aftermarket demand is expected to remain high for the near future.

Helena said: “Despite the pandemic, the customer activity was high and we saw good demand for our aftermarket offering. On the equipment side, our customers continued to take investment decisions and we won several medium/large equipment orders.”

She added: “The demand for autonomous solutions both for surface and underground applications remained high in the quarter. It is clear that our globally deployed and proven solutions have increased our customers’ willingness to invest in these technolo­gies. We see similar trends in digitalization and electri­fication.”

In keeping with these trends, the start of 2021 saw Sweden-based Epiroc launch its new generation underground drill rig, the Boomer M20. One its most popular rigs, the model features protected hydraulics, electronics and sensors.

Alongside this, the company began offering a battery retrofit for existing equipment. This allows customers to replace their equipment’s diesel engines with a battery-electric drive.

The first quarter of this year also saw the company expand its operations with the acquisition of Canada-based electrification specialist Meglab and South Korean breaker manufacturer DandA Heavy Industries.

Epiroc said both companies would help strengthen its product offering and increase profitable growth.