July 20, 2018 / 10:17 AM / 9 months ago

Atlas Copco shares fall as vacuum slowdown takes shine off profit beat

STOCKHOLM, July 20 (Reuters) - Sweden’s Atlas Copco reported lower than expected quarterly order intake in its fast-growing Vacuum Technique unit on Friday, taking the shine off better than forecast group orders intake and profit, and sending its shares lower.

The maker of compressors, vacuum pumps and industrial tools, said second-quarter orders in its vacuum unit rose less than analysts had expected, and forecast somewhat lower equipment demand from the semiconductor industry in the near-term.

The vacuum unit derives more than half of its sales from the semiconductor industry, and its sales account for roughly a quarter of the group total.

Atlas Copco’s second-quarter operating earnings rose to 5.43 billion Swedish crowns ($609.5 million) from 4.60 billion in the year-ago quarter, beating a mean forecast of 5.32 billion in a Reuters poll of analysts.

Group order intake came in at 25.1 billion in the quarter beating the 24.8 billion crown poll forecast.

Atlas Copco shares fell 5 percent at 1011 GMT. ($1 = 8.9088 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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