The 2020 Mid-Year Economic Update_long

Atlas Copco Sales Fall 6.5% in Fourth Quarter

CEO: Industrial demand stable, but mining continues to be a challenge.

Swedish manufacturer Atlas Copco reported fourth-quarter sales of SEK 21.3 billion (US$3.3 billion), down 6.5 percent from the same period a year ago. Organically, sales were down 4 percent.

Profit fell 15 percent to SEK 2.9 billion (US$445.1 million).

"A mixed quarter ended the year,” said Ronnie Leten, president and CEO of the Atlas Copco Group. “Demand for our industrial equipment was stable, and the service business continued on a positive path. The mining business continued to be challenging.”

During the quarter, the manufacturer acquired Tentec, a provider of bolt-tightening solutions, and Archer Underbalanced Services, a provider of down-the-hole hammers and compressed air packages to land-based oil and gas drilling companies.

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