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Atlas Copco profit misses consensus by 23.6% in Q1

Atlas Copco AB said its first-quarter normalized net income came to 2.20 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.88 kronor per share.

EPS increased 18.6% year over year from 1.85 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.68 billion kronor, a gain of 19.0% from 2.25 billion kronor in the year-earlier period.

The normalized profit margin increased to 10.8% from 10.5% in the year-earlier period.

Total revenue increased 15.5% year over year to 24.75 billion kronor from 21.42 billion kronor, and total operating expenses climbed 14.5% on an annual basis to 20.23 billion kronor from 17.66 billion kronor.

Reported net income grew 17.1% from the prior-year period to 3.23 billion kronor, or 2.65 kronor per share, from 2.76 billion kronor, or 2.27 kronor per share.

As of April 28, US$1 was equivalent to 8.53 Swedish kronor.