Atlas Copco surges as subsidiary beats expectations
Vacuum Technique heavily exposed to semiconductors, where clients include Samsung and Intel
Stockholm — Atlas Copco beat quarterly earnings forecasts on Monday as its Vacuum Technique business exceeded analysts’ expectations, lifting the Swedish company’s shares. The vacuum-pumps business, which competes with Germany’s Pfeiffer Vacuum, accounts for more than a fifth of Atlas Copco’s order intake. It is heavily exposed to semiconductors, where clients include Samsung and Intel. The Atlas Copco share price, which had been hit by negative news from the semiconductor sector, was up 6.6% at 12.30pm GMT after the maker of compressors, vacuum pumps and industrial tools said its operating earnings rose to 5.66-billion kronor ($625m) from 4.86-billion kronor a year earlier, beating a mean forecast of 5.22-billion kronor in a Reuters poll. “The quarter is dominated by a big beat in Vacuum Technique,” Barclays said in a note. Market expectations for the business had been “very low”.
Atlas Copco's Q4 report..