HomeBusinessSweden's Hexagon overcomes parts shortages to deliver record profit

Sweden’s Hexagon overcomes parts shortages to deliver record profit

STOCKHOLM :Swedish industrial expertise group Hexagon beat market expectations with record quarterly earnings on Wednesday, because it delivered increased gross sales regardless of international part shortages.

The information despatched shares within the maker of measurement and positioning techniques and software program up by 3per cent in early commerce.

Hexagon reported a 24per cent year-on-year leap in fourth-quarter working profit earlier than objects affecting comparability to 373 million euros ($421 million), helped by forex translation results, greater gross sales volumes and a extra worthwhile product combine.

Analysts polled by Refinitiv had on common forecast a profit of 344 million euros.

Sales have been up 7per cent on a like-for-like foundation.

“The strained component supply reduced sales and organic growth by 6per cent resulting in a further increase in order backlog and additional cost pressures,” CEO Ola Rollen mentioned in an announcement.

“But as evident in the strong operating results, we successfully mitigated this constraint across the business.”

JP Morgan analysts mentioned in a observe to purchasers the actual fact Hexagon noticed recovering demand from most areas of the development, automotive and manufacturing sectors ought to broadly bode properly for friends resembling Aveva, Dassault, Siemens Digital and Autodesk.

Hexagon proposed elevating its annual dividend by 22per cent however famous the general outlook was unpredictable.

The group’s sensors and software program are used for measurement and high quality inspection in manufacturing processes and engineering plant design, in addition to in infrastructure planning, development, mining, agriculture and power.

($1 = 0.8861 euros)

(Reporting by Anna Ringstrom Editing by Niklas Pollard and Mark Potter)

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