Solid orders, record revenues and operating profit
July 19, 2023
Nacka, Sweden, July 19, 2023: Mats Rahmström, President and CEO of the Atlas Copco Group, comments on the report for Q2 that was released today.
Mats Rahmström
“I’m very pleased to present a quarter with record revenues and operating profit,” said Mats Rahmström. “The demand for our products and services remained strong.”
The order intake in the second quarter reached MSEK 43 471 (41 010), an organic decline of 5%. Revenues increased 18% organically to MSEK 43 364 (33 111). Operating profit was MSEK 9 189 (7 279), corresponding to a margin of 21.2% (22.0). Adjusted operating profit, excluding items affecting comparability, reached MSEK 9 488 (7 042), corresponding to a margin of 21.9% (21.3). Return on capital employed was 30% (28).
In Compressor Technique the equipment orders were on a solid level and service continued to grow. For Vacuum Technique the demand for equipment was weaker, and significantly so for the semiconductor and flat panel industry, while the order growth for service was solid. In Industrial Technique the strong order growth was primarily driven by increased demand from the automotive industry. For Power Technique the order intake continued to be on a high level, supported by recent acquisitions. The specialty rental business continued to develop positively. All business areas achieved increased organic revenues and record operating profits in the quarter.
“The last couple of years, we have increased our investments in R&D, and we have also increased our focus on acquisitions,” said Mats Rahmström. “To grow our existing business, creating new platforms for growth to meet global trends and customers’ needs going forward is an important part of our strategy. Energy efficiency and alternative sources of energy, automation and localization are examples of trends where we, through leading technology and service, are well positioned to continue to support our customers as well as society going forward.”
Looking ahead, in the near-term, Atlas Copco expects that the customer activity level will weaken somewhat compared to the current high level.
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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.