Atlas Copco Posts Smaller-Than-Expected Rise in 3Q Net Profit

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 [e-mail]

(END) Dow Jones Newswires

October 21, 2021 06:46 ET (10:46 GMT)

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