HomeUSA NewsSweden's Atlas Copco Revenue Beats Forecast on Strong Demand | gadgetfee

Sweden’s Atlas Copco Revenue Beats Forecast on Strong Demand | gadgetfee

STOCKHOLM (Reuters) – Swedish engineering group Atlas Copco reported second-quarter earnings on Tuesday which beat market forecasts on the again of robust demand, sending its shares 3% greater.

The corporate has seen rising demand from chipmakers amid a worldwide scarcity of semiconductors over the previous quarters, however greater prices and provide chain issues have hindered it from totally capitalising on it.

Atlas cautioned that it anticipated clients’ exercise degree to drop within the near-term. CFO Peter Kinnart advised analysts and journalists, nonetheless, that the corporate had not seen any weak point thus far.

Having fallen round 35% thus far this yr, Atlas shares rose 3.4% on the day by 1333 GMT. Jefferies stated the corporate had posted “a really strong set of outcomes”.

“In gentle of different industrials reporting a beat was anticipated however maybe not of this magnitude,” the funding financial institution stated in a word.

Atlas Copco, which makes compressors, vacuum pumps and industrial instruments, stated demand for its services and products remained robust, with greater order volumes in all enterprise areas year-on-year.

The corporate reported an adjusted working revenue of seven.04 billion Swedish crowns ($686.4 million), up from 6.03 billion a yr earlier, beating the 6.88 billion crown imply forecast in a Refinitiv analyst ballot.

Like-for-like quarterly order consumption rose 13% on the yr to 41.0 billion crowns.

($1 = 10.2570 Swedish crowns)

(Reporting by Helena Soderpalm; enhancing by Kirsten Donovan and Bernadette Baum)

Copyright 2022 Thomson Reuters.

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