April 23, 2020 / 9:13 AM / a month ago

Atlas Copco Q1 tops forecast, sees sharp demand fall in Q2

STOCKHOLM, April 23 (Reuters) - Atlas Copco, Sweden’s most valuable listed company, forecast a steep demand drop in the second quarter due to the raging pandemic as it reported earnings and orders intake above market forecasts for the first three months of 2020.

“The current economic situation makes the outlook very uncertain, but demand is expected to deteriorate significantly in most industries and regions,” the company said in a statement.

The maker of compressors, vacuum pumps and industrial tools, reported quarterly adjusted operating earnings of 5.12 billion Swedish crowns, up from 5.05 billion in the year-ago quarter, and above the 4.97 billion mean forecast in a Refinitiv analyst poll. (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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