Atlas Copco's Operating Leverage and Vacuum Pumps Continue to Yield Good Results
High operating leverage helped narrow-moat Atlas Copco's third-quarter results surprise on the upside on margins. Around 9% year-to-date volume growth across its portfolio of mining, tooling, and excavation equipment has expanded the company's nine-month EBIT margin by 180 basis points year over year. Nine-month sales growth matched the volume increase, as the company has not increased prices across most of its divisions since 2015. We expect to make changes to our model with an impact of no mor...
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