STOCKHOLM (Reuters) – Swedish engineering firm Atlas Copco (ATCOa.ST) reported forecast-beating third-quarter earnings and order bookings on Monday on the back of strong demand from chipmakers, sending its shares sharply higher. FILE PHOTO: A Atlas Copco company logo is pictured at the “Bauma” Trade Fair for Construction, Building Material and Mining Machines and Construction Vehicles and Equipment in Munich, southern Germany, April 11, 2016. REUTERS/Michael Dalder/File Photo The strong numbers came against a backdrop of slowing global industrial demand and weakening manufacturing surveys from Europe and United States. Strong demand from the semiconductor industry and for items such as large gas compressors has helped the firm, which also manufactures vacuum pumps and industrial tools, to weather that environment, it said. “Order intake remained on a high level despite continuous uncertainties in the global economy,” Atlas Copco chief executive Mats Rahmstrom said in a statement. However, the company said it expected near-term demand, by which it typically means in the current quarter, to be somewhat lower than in the third quarter. “We have seen lower activity levels in some parts of the market,” Rahmstrom said, pointing to automotive and the manufacturing industry. Atlas Copco shares were up 6.6% by 1140 GMT… Read full this story
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