There was weaker volume growth in Japan, Korea and the US. Volumes grew by about 4 per cent.
Net sales were SEK 4420 million in Q1 to Q3, a 14 per cent increase. The higher turnover is due to larger volumes, price increases and product range adjustments.
Höganäs' volume growth was positive, or consistent with the previous year, in all markets apart from Japan. Volumes in Japan were somewhat weaker than the previous year due to customers' operations being relocated from the country, and reduced volumes of low-price product.
In North America, sales volumes were unchanged overall despite car sales and car production declining year on year. The European market made positive progress.
Operating income was SEK 475 million (456 million). Excluding earnings from currency forward contracts, earnings were SEK 448 million (407 million), a 10 per cent increase.
Income was favoured by increased turnover, but because of a time delay in pricing models to customers, the raw material cost increases that peaked in June were not fully compensated during the third quarter. Prices of scrap, nickel, copper and molybdenum rose sharply in the first half-year and then gradually reduced in Q3. Fluctuations of this type cause margin variations between quarters, in this case benefiting the first half-year at the expense of Q3.
Sales expenses increased in the period year on year due to investments in sales and marketing resources.