Atlas Copco Posts 2Q Earnings Beat, Sees Somewhat Weaker Near-Term Demand
July 19 2023 - 5:56AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Atlas Copco on Wednesday posted a
larger-than-expected rise in second-quarter net profit, but
cautioned that near-term demand will weaken somewhat from the
current high level.
The Swedish industrial tool maker said net profit increased to
6.94 billion Swedish kronor ($679.1 million) in the quarter from
SEK5.68 billion a year earlier, as revenue rose 31% to SEK43.36
billion.
Analysts polled by FactSet had expected net profit of SEK6.72
billion on revenue of SEK40.87 billion.
The operating profit margin slipped to 21.9% from 22.0%, while
the adjusted margin edged higher to 21.9% from 21.3%.
Atlas Copco said it received orders worth SEK43.47 billion in
the quarter, beating a FactSet analysts' forecast of SEK42.74
billion.
"The demand for the Atlas Copco Group's products and services
remained strong even though the order intake did not reach the very
high level of the previous quarter," the company said.
Order intake increased in Europe and Asia but decreased in North
America, it added.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 19, 2023 06:41 ET (10:41 GMT)
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