Atlas Copco Construction Technique’s revenues for the first quarter of the year were up +10% compared to the same period last year to SEK 3.7 billion (US$ 438 million). The division’s operating profit was up +11% to SEK 450 million (US$ 53 million).
Commenting on the first three months of the year, the company said in a statement, “The overall order volumes for construction equipment decreased somewhat compared to the previous year. The order volumes were stable for construction and demolition tools, but decreased for portable compressors, particularly for large machines, and for road construction equipment.
“Order received grew somewhat in Europe and in Africa/Middle East, but decreased in Asia, North and South America, and significantly in Australia.”
Overall, Atlas Copco’s group revenues for the first quarter of the year were up +16% to SEK 24.7 billion (US$ 2.93 billion), and operating profit was up +20% to SEK 4.52 billion (US$ 535 million).
Despite these improvements, the company’s share price slumped on the results announcements as it said orders for mining equipment and large compressors had weakened in the first quarter.