Atlas Copco Posts Mixed 3Q18; Shares Fairly Valued
Weak demand in the third quarter for Atlas Copco's vacuum business drove the first decline in the firm's order book since the last trough in mid-2016. The main driver for the sluggish demand was waning growth in orders from semiconductor and flat panel screen manufacturers. We have been modeling in slower growth in 2019, and the company flagged weakness in vacuum last quarter. So the slowdown is not new news but the extent of slowdown could still be steeper than our forecasts. However, for now w...Atlas Copco provides industrial productivity products and services. Co.'s operations are divided into four business areas: Compressor Technique (provides compressors, vacuum solutions, gas and process compressors and expanders, air and gas treatment equipment and air management systems), Industrial Technique (provides power tools, assembly systems, quality assurance products, software and service through a global network), Mining and Rock Excavation Technique (provides equipment for drilling and rock excavation), and Construction Technique (provides construction and demolition tools, portable compressors, pumps and generators, lighting towers, and compaction and paving equipment).
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