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Atlas Copco's revenue rises on strong order growth

Industrial machinery manufacturer Atlas Copco AB said revenues for the third quarter increased amid strong demand for its equipment and service.

The company posted revenue for the third quarter of 28.50 billion Swedish kroner, up 10% year over year, as orders rose 17% to 30.55 billion kroner. Third-quarter earnings per share was reported at 3.65 kroner.

Operating profit rose to 6.27 billion kroner while profit before tax totaled 6.07 billion kroner. Profit for the period amounted to 4.45 billion kroner.

All product and service segments recorded order growth, with the vacuum equipment and related service segment recording the highest growth.

Earlier in the year, Atlas said that it was preparing for a proposed split of the Group into two companies, with Atlas Copco concentrating on industrial consumers and Epiroc focusing on customers in mining, infrastructure and natural resources. Atlas said that Epiroc is planned to be dividended out to shareholders in 2018.

Atlas also reported that it completed the divestment of the Road Construction Equipment division on Oct. 4.

As of Oct. 17, US$1 was equivalent 8.16 Swedish kroner.