Hexagon posts surprise profit growth, aided by strong demand from key industries
Hexagon posts surprise profit growth, aided by strong demand from key industries Oct 23 (Reuters) - Swedish industrial technology group Hexagon HEXAb.ST reported an unexpected rise in its quarterly operating profit on Friday, helped by strong demand from aerospace and defence, general manufacturing and electronics sectors.
The maker of measurement and positioning systems said it expected robust demand in these markets to persist in the fourth quarter, supporting a growing order backlog and helping offset softer conditions in agriculture and construction sectors.
Adjusted operating profit rose to €278.3 million ($312 million) from €264.7 million a year ago, while analysts polled by LSEG had expected it to fall
Western Europe growth accelerated to 9% from 2% in the second quarter, led by Britain and Germany, while growth in China also picked up
Hexagon said it continued to pursue targeted acquisitions following the agreed Waygate Technologies deal and the bolt-on acquisitions of Guidance Marine, ZG and Rocscience
Shares in Hexagon rose around 3% in early Stockholm trading
($1 = 0.8921 euros)
(Reporting by Marta Frąckowiak in Gdansk; Editing by Milla Nissi-Prussak)
((marta.frackowiak@thomsonreuters.com))