October 19, 2018 / 10:16 AM / a month ago

Atlas Copco sees weaker demand ahead as Q3 profit lags forecast

STOCKHOLM, Oct 19 (Reuters) - Sweden’s Atlas Copco reported a lower than expected third quarter order intake on Friday due to weaker demand in its vacuum technique business and forecast somewhat lower overall demand in the current quarter, sending its shares down.

Atlas Copco shares fell 10 percent at 1006 GMT.

Group order intake came in at 23.4 billion Swedish crowns ($2.59 billion) in the quarter, down 1 pct year-on-year on an organic basis and below the 24.4 billion seen by analysts.

“The customer demand is expected to be somewhat lower, mainly due to the semiconductor and automotive industries,” Atlas Copco said in a statement.

The company’s third-quarter operating earnings rose to 5.26 billion crowns from 5.00 billion in the year-ago quarter, lagging a mean forecast of 5.46 billion in a Reuters poll of analysts. ($1 = 9.0249 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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