Atlas Copco Q413 Revenues Dip 4 Percent on Weak Mining Demand
Atlas Copco last week reported healthy operating profit, revenue and orders received for the fourth quarter despite continued weak demand for mining equipment. Fourth-quarter revenues decreased 4 percent organically year-on-year to SEK 21.27 (about U.S. $3.27 billion) from SEK 22.75 billion in the year-ago period. Operating profit was SEK 4.16 billion (U.S. $639.7 million) a 13-percent decrease from SEK 4.70 billion a year ago.
“A mixed quarter ended the year,” said Ronnie Leten, president and CEO of the Atlas Copco Group. “Demand for our industrial equipment was stable, and the service business continued on a positive path. The mining business continued to be challenging.”
Atlas Copco launched several new products in the quarter including small, energy-efficient screw compressors; lightweight high-torque electric nutrunners that offer customers a compact power tool solution; an underground loader for large operations, and a compact material feeder for non-stop paving.
“We always look for ways to increase customer productivity,” Leten said. “While we are keeping a close eye on costs, we continue to invest in state-of-the-art products and service as this will safeguard our future growth.”
In the near term, the overall demand for the group’s products and services is expected to remain at the current level.
Stockholm, Sweden-based Atlas Copco is a global provider of sustainable productivity solutions that serves customers with compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools and assembly systems.
