ATLKY Atlas Copco (PK)

By Dominic Chopping

STOCKHOLM--Atlas Copco AB on Thursday posted a larger-than-expected rise in first-quarter net profit and said it expects near-term underlying customer activity to remain at the current level.

The Swedish industrial tool maker said net profit increased to 6.52 billion Swedish kronor ($631.7 million) in the quarter from SEK5.21 billion a year earlier, as revenue rose 32% to SEK39.86 billion.

Analysts polled by FactSet had expected net profit of SEK5.91 billion on revenue of SEK37.24 billion.

Atlas Copco said it received orders worth SEK47.71 billion in the quarter, beating a FactSet analysts' forecast of SEK38.09 billion.

"This was a very strong quarter," Chief Executive Mats Rahmstrom said.

"Primarily due to several significant orders and strong project-related business, the order intake increased more than expected and reached a new record level."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

April 27, 2023 05:33 ET (09:33 GMT)

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