STOCKHOLM – Engineering group Atlas Copco posted a bigger-than-expected fall in third-quarter earnings and order intake on Friday as spending cuts across the global mining industry weighed heavily on demand. The mining industry, facing softer metals prices and pressure by their owners to boost returns, is pulling back from a decade of expansion with the likes of BHP Billiton and Rio Tinto slashing billions of dollars in spending. 100 tph stone crushing plant for sale. The fall in capital expenditure has hit suppliers such as Atlas Copco and its Swedish cross-town rival Sandvik, which together account for more than half the world market for underground mining equipment. Atlas Copco, which supplies mining gear such as drill rigs and loaders and a wide range of compressors, said operating profit fell to 4.21-billion crowns ($661.6-million) from a year-ago 4.93-billion, missing a forecast 4.38-billion in a Reuters poll of analysts. Aggregate quarry mining equipment south africa.
The company’s order intake in its mining and rock excavation business tumbled 21% year-on-year in the third quarter to leave its group-wide order bookings down 9% compared to the 3% fall seen by analysts. “The weak demand for mining equipment continued to affect order intake, which decreased significantly compared to the previous year for all types of equipment,” it said, adding mining orders worth 340-million crowns had been cancelled. antimony ore crusher grinding mill”Sequentially, orders for underground mining equipment were stable, but the order intake for large surface mining equipment decreased.” Atlas Copco’s mining and rock business accounts for roughly a third of sales and the rest of the group has faced less gloomy activity earlier this year.
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Still, its compressor unit saw orders fall 7% in the third quarter. “This is weak all around really,” Handelsbanken analyst Peder Frolen said. “Orders are weak all over, not just in mining but in compressor technique as well, and the worries about the economic outlook that exists globally have an impact here as well of course.” Atlas Copco said it expected overall demand for the group’s products and services to remain at the current level in the near term, by which it historically means the current quarter. Shares in the company were down 4.3% by 10:08 GMT while Sandvik fell 3%, underperforming a 0.8% decline in the European Industrials index.
