Atlas Copco reports steady Q2 growth
By Keefe Borden20 July 2022
Atlas Copco reported the demand for its products and services remained high in Q2, and order volumes increased markedly in all business areas compared to the same quarter one year ago. ear. In a recent earnings report, the company reported double digit order growth in all regions.
“To meet the continued challenges connected to supply chain disruptions, the whole organization has worked hard to increase capabilities and mitigate interruptions,” said Atlas Copco CEO and President Mats Rahmström. “We are pleased to see that customers continue to choose our products and service solutions.”
Orders received in Q2 grew to MSEK 41,010, an organic growth of 13%. Revenues increased 8% organically to MSEK 33,111, a new record level. Operating profit was MSEK 7279, up from MSEK 5924 one year earlier. Looking ahead, in the near term, Atlas Copco expects that the customers’ activity level will be lower than in the second quarter.
”This quarter we have announced new investments in Belgium and South Korea, as well as several new acquisitions,” said Mats Rahmström. ”Our strong local presence in terms of people and R&D, combined with local manufacturing, is an advantage and we continue to invest in our competitiveness.”
The company said orders for industrial compressors and gas and process compressors rose in Q2, with order volumes climbing for both small and large-sized compressors. Orders in Asia and North America grew while volumes in Europe were unchanged, Atlas Copco reported.
The order intake for gas and process compressors increased significantly when compared with the previous year and the previous quarter. The company’s service businesses grew in all areas, Atlas Copco reported. Overall, the company’s compressor technique division shows the largest portion by both revenue, operating profits and return on capital.