Sweden-based Atlas Copco, the world's largest maker of air compressors, among other industrial equipment, announced on Monday its third quarter financial information, showing a rise in sales while profit dipped.
Third quarter revenue increased 15 percent to SEK 23.6 billion ($3.3 billion), while profit decreased six percent to SEK 2.9 billion ($403 million).
Orders increased 20 percent year-over-year, with 2 percent organic growth, while revenues had an organic decline of 2 percent. The company noted that operating profit was negatively affected by impairment of assets, and restructuring costs, among other items.
"The demand from the manufacturing industry improved, which resulted in a record quarter for our Industrial Technique business area and increased orders for small industrial compressors,” said Ronnie Leten, President and CEO of Atlas Copco. “Thanks to past investments and continued customer focus our service business generated record revenue. Demand for mining equipment is still soft but remains stable.”
"The overall demand for the group's equipment and service is expected to increase somewhat," Atlas Copco said in a statement.