Sweden-based construction and industrial equipment manufacturer Atlas Copco posted SEK 23.6 billion (about U.S. $3.24 billion) in the third quarter, a 14.8-percent increase compared to the same period a year ago. Orders increased 20 percent to SEK 23.4 billion. Operating profit declined 2 percent to SEK 4.14 billion.
“The demand from the manufacturing industry improved, which resulted in a record quarter for our Industrial Technique business area and increased orders for small industrial compressors,” said Ronnie Leten, president and CEO of Atlas Copco Group. “Thanks to past investments and continued customer focus our service business generated record revenue. Demand for mining equipment is still soft but remains stable.”
North America business increased 15 percent, Leten told an investor conference call. Business in South America increased 18 percent. In Europe, business increased in the low single digits, while Asia declined 8 percent. Leten said business declined in China and India.
Leten added that the specialty rental business showed positive development.
Atlas Copco is headquartered in Stockholm, Sweden, with North America headquarters in Commerce City, Colo.