Atlas Copco Posts Smaller-Than-Expected Rise in 3Q Net Profit
October 21 2021 - 7:01AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish industrial tool maker Atlas Copco AB on
Thursday posted smaller-than-expected a rise in third-quarter net
profit and said near-term demand is likely to remain high but
weaken from current levels.
The company said it received orders worth 33.02 billion Swedish
kronor ($3.84 billion) in the quarter, beating a FactSet analysts'
forecast of SEK30.87 billion.
"The overall demand for our products and solutions remained high
and the order intake increased significantly year on year", Chief
Executive Mats Rahmstrom said.
"We've seen solid growth in all business areas and in all
regions compared with the third quarter last year. Compared with
the strong second quarter this year, the overall demand remained
more or less unchanged," Mr. Rahmstrom said.
Net profit increased to SEK4.56 billion from SEK3.62 billion as
revenue rose 12% to SEK27.82 billion.
Analysts polled by FactSet had expected net profit of SEK4.96
billion on revenue of SEK29.41 billion.
Atlas Copco said it expects the near-term customer business
activity level to remain high, but weaken compared to the very high
level in the third quarter.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 21, 2021 06:46 ET (10:46 GMT)
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