By Dominic Chopping
STOCKHOLM--Shares in Swedish industrial tool maker Atlas Copco AB (ATCO-A.SK) were 8.2% higher Monday after it posted a forecast-beating 16% rise in third-quarter orders, despite cautioning that near-term demand is expected to be somewhat lower than the level seen in the just-ended period.
The company said it received orders worth 27.1 billion Swedish kronor ($2.81 billion) in the quarter ended Sept. 30, beating a FactSet analyst forecast of SEK25 billion.
Net profit rose to SEK4.42 billion from SEK3.78 billion while revenue rose 13% to SEK26.68 billion.
Analysts polled by FactSet had expected net profit of SEK4.1 billion on revenue of SEK25.14 billion.
"Order intake remained on a high level despite continuous uncertainties in the global economy," said Chief Executive Mats Rahmstrom.
"We have seen lower activity levels in some parts of the market. Still our profitability is solid and we are resilient thanks to our innovation capabilities, agility and well diversified business and geographical presence," he said.
Looking ahead, the near-term demand for Atlas Copco's products and services is expected to be somewhat lower than the third quarter level, the company added.
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