Hexagon says second quarter likely represented trough for demand

STOCKHOLM (Reuters) - Industrial technology group Hexagon HEXAb.ST said it believed market demand had bottomed out during the second quarter after being hard hit by the pandemic as it reported a fall in profits in line with preliminary figures on Friday.

“Although the market conditions remain uncertain, we do believe this to be the trough,” Hexagon CEO Ola Rollen said in a statement.

The maker of measurement and positioning systems and software earlier this month released preliminary results after a much better than expected development fuelled by a strong performance for its software, a recovery in China, and cost-savings.

Its second-quarter adjusted operating profit fell to 226 million euros from 239 million in the year-earlier quarter, with net sales at 897 million euros, down from 976 million.

Reporting by Johannes Hellstrom; editing by Niklas Pollard