April 24, 2024 11:51 GMT
Atlas Copco (A1/A+): 1Q24 Results
CAPITAL GOODS
Strong results with equity taking the order beat positively; credit was already very solid so not much change here
• Revenue and operating income beat expectations by 1.5% and 3%.
• FCF beat expectations by 11% mainly on lower taxes paid.
• Orders were healthy with book-to-bill at 1.06 vs 1.01 expected.
• Net debt is down to 20.8bn in line with consensus. Leverage should tick down to around 0.4x from 0.5x QoQ, although we don’t have a precise EBITDA number for the quarter.
• Sees customer outlook as stable in the near term.
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