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October 20, 2014
Stockholm, Sweden, October 20, 2014: Atlas Copco, a leading supplier of sustainable productivity solutions, today reported growing order intake for the third quarter and a strong cash flow. The overall demand for the Group’s equipment and service is expected to increase somewhat in the near term.
Year-on-year, orders received in the third quarter increased 20% to MSEK 23 395, supported by acquisitions and improved demand from manufacturing customers. The organic order growth was 2%. Revenues reached a record of MSEK 23 590 (20 552). The adjusted operating profit was MSEK 4 604 (4 214), corresponding to a margin of 19.5% (20.5). Including one-time, non-cash charges, mainly related to impairment of assets, the operating profit was MSEK 4 145. The operating cash flow was strong at MSEK 3 915, supported by a reduction of working capital.
“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 the 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.”
In September, Atlas Copco acquired Henrob, a specialist in self-pierce riveting, a mechanical fastening process for joining sheets of material where welding is difficult, such as aluminum.
“This acquisition gives us an additional assembly technology,” said Ronnie Leten. “It offers us an opportunity for further growth in a fast-growing market segment, with innovative, state-of-the art technology.”
Also during the third quarter, Nico Delvaux and Andrew Walker started as Presidents of the Compressor Technique and Construction Technique business areas, respectively. Both are long-time serving executives with many years of various leadership positions in the Atlas Copco Group.