By Dominic Chopping

STOCKHOLM--Atlas Copco AB on Thursday posted a smaller-than-expected rise in fourth quarter net profit and said it expects near-term business activity to remain at the current level.

The Swedish industrial tool maker said net profit increased to 6.05 billion Swedish kronor ($592.7 million) in the quarter from SEK4.89 billion, as revenue rose 36% to SEK40.05 billion.

Analysts polled by FactSet had expected net profit of SEK6.5 billion on revenue of SEK38.57 billion.

Atlas Copco said it received orders worth SEK36.15 billion in the quarter, shy of a FactSet analysts' forecast of SEK37.32 billion.

"Demand was mixed during the quarter and order volumes decreased, primarily due to lower order intake for vacuum equipment," said Chief Executive Mats Rahmstrom.

"Despite remaining supply chain challenges, revenues reached a new record level last year, as well as in the quarter."

The company proposed a 2022 dividend of SEK2.30.

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

(END) Dow Jones Newswires

January 26, 2023 06:32 ET (11:32 GMT)

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