Major Nordic industrial firms are starting to report Q2 2012 accounts. Atlas Copco (OMX: ATCO A, ATCO B) jumped after the headline numbers were published in Midday-trading today but started losing ground as investors began digesting the report. Second quarter revenue of 23 437 million Swedish kronor and operating profit of 5 019 million were both new records. Operating margin also climbed by half a per cent to 21.4%. CEO Ronnie Leten was particularly happy with the growth in service revenue and expects overall demand to remain in the current high level.
The company makes compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems. Received orders of 23 263 million were down 2% vs. last year’s corresponding quarter. For individual segments, large compressors and mining equipment segments orders were lower than last year. This was mostly attributed to the particularly strong comparison period and investors are still sceptical that current returns are sustainable over the cycle.
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