Atlas Copco this week reported first-quarter 2013 revenue of SEK 20.23 billion (about U.S. $3.10 billion) a 5-percent decline from SEK 22.25 billion in the first quarter of 2012. Orders received decreased 11 percent organically from a year earlier to SEK 21.01 billion (U.S. $3.22 billion). Operating profit was SEK 4.16 billion (U.S. $636.6 million), a 10-percent dip compared to SEK 4.61 billion in the year-ago period, corresponding to a margin of 20.5 percent.
“Demand for our equipment weakened somewhat as the mining sector and much of the European region continued to struggle,” said Ronnie Leten, president and CEO of the Atlas Copco Group. “The industrial segments performed well, notably in North America, as did our service business overall.”
During the first quarter, Atlas Copco completed two acquisitions, one in China and one in France, and announced an agreement to acquire a tools business in the United States. Atlas Copco also inaugurated new manufacturing sites in China and India.
“We continue to strengthen our presence in all regions and broaden our product offering,” Leten said. “New equipment includes a break-through compressor that cuts energy consumption in up to half and will set a new standard for years to come, as well as a new exploration drilling rig designed for high productivity.”
In the near term, the overall demand for Atlas Copco’s products and services is expected to remain at the current level.
Basic earnings per share in the first quarter were SEK 2.46 (U.S. $0.37) compared to SEK 2.81 in the first quarter of 2012.
Atlas Copco is headquartered in Stockholm, Sweden.
