Swedish Technology Group Hexagon Returns To Profit In Third Quarter
STOCKHOLM, Oct 23 (NNN-dpa) -- Swedish industrial technology company Hexagon returned to profit in the third quarter, helped by higher sales, lower expenses and gains from equity investments, reported German news agency dpa quoting the company on Friday.
Net profit reached €446 million (US$499 million) in the three months to September 30, compared with a loss of €33.9 million a year earlier.
Profit from continuing operations amounted to €447.2 million, compared with a loss of €40.9 million in the same period last year. Earnings per share from continuing operations rose to 16.5 cents from a loss of 1.6 cents.
Adjusted earnings per share increased to 8.2 cents from 6.9 cents.
Operating profit reached €541.7 million, reversing a loss of €23.1 million a year earlier.
The company, which makes industrial measurement equipment, sensors and geospatial software, recorded a €264.5 million gain from changes in the fair value of equity investments.
Research and development expenses fell to €124.1 million from €300.8 million, while administrative expenses declined to €85.3 million from €112.1 million. Sales expenses also decreased to €181.2 million from €202.5 million.
Net sales rose to €1.05 billion from €975.4 million a year earlier, driven in part by growth in the company's Autonomous Solutions division, where revenue climbed to €224.7 million from €178 million.
--NNN-dpa
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