By Dominic Chopping

 

STOCKHOLM--Atlas Copco AB on Tuesday posted a slightly bigger-than-expected rise in second-quarter net profit, but said it expects near-term business activity to be lower than in the second quarter.

The Swedish industrial tool maker said net profit increased to 5.68 billion Swedish kronor ($546.1 million) in the quarter from SEK4.57 billion, as revenue rose 20% to SEK33.11 billion.

Analysts polled by FactSet had expected net profit of SEK5.29 billion on revenue of SEK32.03 billion.

Atlas Copco said it received orders worth SEK41.01 billion in the quarter, up 26% on year and beating a FactSet analysts' forecast of SEK37.79 billion.

Demand remained high in the quarter, and order volumes increased markedly in all business areas compared to the previous year, the company said.

Solid order growth was achieved for most equipment types, it added.

The adjusted operating profit margin slipped to 21.3% from 21.9%, as increased costs related to continued disruptions in the supply chain, Covid-19 lockdowns in Asia, higher investments in market presence and research and development weighed, while currency affected the margin positively, Atlas Copco said.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

July 19, 2022 06:43 ET (10:43 GMT)

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