Solid orders, record revenues and operating profit
October 25, 2023
Nacka, Sweden, October 25, 2023: Mats Rahmström, President and CEO of the Atlas Copco Group, comments on the report for Q3 that was released today.
“Revenues and operating profit were at a record level this quarter,” said Mats Rahmström. “The overall order intake was strong, and essentially unchanged compared to the high level we saw in the third quarter last year.”
The order intake reached MSEK 42 606 (40 555) in the third quarter, an organic decline of 1%. Revenues increased 10% organically to MSEK 44 485 (38 074). Operating profit amounted to MSEK 10 117 (8 378), corresponding to a margin of 22.7% (22.0). Adjusted operating profit, excluding items affecting comparability, reached MSEK 10 110 (8 469), corresponding to a margin of 22.7% (22.2). Return on capital employed was 30% (29).
Compressor Technique had an increase in equipment orders for large industrial compressors, while smaller industrial compressors and gas and process compressors remained at the same level. For Vacuum Technique, order intake for equipment decreased markedly with lower demand from the semiconductor industry as the main reason. In Industrial Technique, the order intake for industrial assembly and vision solutions was basically unchanged. In Power Technique, orders for power and flow equipment increased, driven by higher demand for generators, industrial pumps, and energy systems. Service orders grew in all business areas.
“We continue to focus on our innovation capabilities, increasing our local presence and to enable our customers to drive development and transformation in their respective segments,” said Mats Rahmström. “By meeting real needs in terms of increased productivity and automation, safer production, better quality and energy efficiency, we create lasting value for our customers as well as other stakeholders.”
Looking ahead, in the near-term, Atlas Copco expects that the customers’ activity level will weaken compared to the third quarter.
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Atlas Copco Group
Great ideas accelerate innovation. At Atlas Copco we have been turning industrial ideas into business-critical benefits since 1873. By listening to our customers and knowing their needs, we deliver value and innovate with the future in mind. In 2022, Atlas Copco Group had revenues of BSEK 141 and at year end about 49 000 employees.