The company, which is amongst the first major Nordic industrial companies to report its third-quarter numbers, said adjusted operating profit grew to 5.52 billion Swedish crowns ($489.97 million) from a year-earlier of 4.25 billion.

The mean forecast in a Refinitiv poll of analysts had been for a profit of 5.02 billion.

Stocks across the European engineering industry have slumped this year in the wake of Russia's invasion of Ukraine amid soaring cost inflation, energy worries and stretched supply chains, even as demand has remained strong.

Sandvik, which competes with the likes of Epiroc and Kennametal, said like-for-like order intake was up 8% in the quarter at 29.2 billion crowns on the back of gains in its mining equipment and machining solutions businesses.

Shares in Sandvik, which have lost roughly a third of their value in the year to date, rose 3.4% by 0938 GMT.

($1 = 11.2659 Swedish crowns)

(Reporting by Niklas Pollard, editing by Stine Jacobsen)