Swedish Atlas Copco's Q2 profit and orders lag expectations
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STOCKHOLM, July 18 (Reuters) -Swedish industrials group Atlas Copco ATCOa.ST reported on Thursday a slightly smaller rise in adjusted profit than expected for the second quarter, sending its shares down, and predictedunchanged near-term demand.
The maker of air treatment systems, construction gear and power tools said operating profit before items affecting comparability was 9.79 billion crowns ($927 million) against a year-earlier 9.49 billion, on sales growth of 3%.
Analysts polled by LSEG had on average forecast a profit of 9.96 billion crowns.
Order intake, excluding acquisitions, was down 1% to 43.7 billion crowns, lagging an expected 44.7 billion.
"The order intake increased in the Americas, Africa/Middle East, and Europe, while orders decreased in Asia," Vagner Rego, new CEO since May 1, said in a separate statement.
"We continue to take swift action and adapt to different market conditions and needs, while investing in our long-term competitiveness," he said.
Atlas Copco said at is biggest division, Compressor Technique, order volumes for industrial compressors were roughly unchanged, while there was significant order growth for gas and process compressors.
Order volumes for vacuum equipment were unchanged thanks to increased demand from the semiconductor industry, whereas demand from industrial and scientific vacuum customers was down.
The vacuum technique business, a rival Pfeiffer Vacuum PV.DE, has struggled previously due to weak demand from its main customer segment the semiconductor industry.
Shares in Atlas Copco were down 5% at 1054 GMT, having been down 1% ahead of the release of the report.
($1 = 10.5639 Swedish crowns)
Reporting by Anna Ringstrom; Editing by Louise Breusch Rasmussen and Arun Koyyur
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