Atlas Copco has claimed a record year after posting full-year revenues of €11.88 billion for 2017 – a year-on-year increase of 15%.
The company underwent major structural changes in 2017, rebranding its construction business previously known as Construction Technique, to Power Technique. It also divested its roadbuilding segment, which operated under the brand name Dynapac, to Fayat Group. Other smaller divestments and acquisitions were also signed and sealed over the course of the year, with spin-off company Epiroc added to its ranks.
Operating profit for the Swedish company was up 22%, to €2.47 billion, which is a margin of 20.8% on its revenues. Orders received were also up 20%, to €12.6 million.
The company’s fourth quarter yielded strong results, too. Both its revenues and operating profit grew 8% each, compared to the fourth quarter of 2016. Fourth-quarter revenues were €3.15 billion, while operating profit for the quarter was €635.83 million.
Mats Rahmström, president and CEO of Atlas Copco, said, “Our winning teams ensured we had a strong end to a record year. We are happy to see that our focus on creating value for customers is successful.”
Rahmström added that the company would continue to make acquisitions, stating “We continue to focus on organic growth complemented with strategic acquisitions”.
Atlas Copco said the on-going split of the group was proceeding according to plan. A final decision to spin-off its newly-formed Epiroc business will be made on 24 April, at its annual general meeting. Epiroc will specialise in serving the company’s mining and civil engineering customers, while Atlas Copco will remain focused on its industrial customers.