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Ronnie Leten comments on Atlas Copco’s Q4 results

Thursday, February 4th, 2010

Atlas Copco announce fourth quarter results with healthy profitability and a slight improvement in demand compared to the previous quarters.
“We achieved a good result in the fourth quarter and are prepared to capture the growth when it returns, as we have already seen in Asia and South America,” says Ronnie Leten, President and CEO of the Atlas Copco Group. “Throughout the crisis we have kept a strong focus on new product development and developing our market presence.”
Revenues declined 19% to MSEK 15 942 and the operating profit was MSEK 2 450 (3 288), corresponding to a margin of 15.4% (16.7). Orders received declined 9% organically compared to the previous year, but increased sequentially.
“The overall demand for the Group’s products and services is expected to improve somewhat,” Ronnie Leten says. “Many emerging markets are foreseen to have a continued favorable development and demand from the mining industry is expected to improve.”
Notable events during the fourth quarter included the agreement to acquire Quincy Compressor, based in the United States, and the decision to invest more than MSEK 100 in building a new facility for gas and process compressors in Shanghai, China.
“Going for growth once again, we must continue focusing on innovation, making sure that products and services are also developed suited to the needs of customers in markets such as China and India,” Ronnie Leten says. “We will continue to extend and broaden our presence in emerging markets, while continuing to put efforts into the markets which are already significant for Atlas Copco.”
The board of Atlas Copco proposes an unchanged dividend to the shareholders of SEK 3.00, or 58% of net profit (36).
(Ref 789)

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