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Hexagon profit just beats forecast, sees end to some component shortages this year

·1-min read

STOCKHOLM (Reuters) - Swedish industrial technology group Hexagon said on Wednesday it was starting to see improvements in the supply of certain components as it posted quarterly profits just above expectations.

The maker of measurement and positioning systems and software said its North American business had recorded 7% organic growth, driven by solid demand across most industries.

Hexagon's adjusted operating profit rose to 379 million euros ($384 million) from a year-earlier 315 million, against a mean forecast of 372 million in a Refinitiv poll of analysts.

It said the challenging supply chain situation had impacted organic growth at the group negatively by around 6% in the quarter.

"We are now starting to see improvements in the supply of certain components, and we expect a resolution by the end of the year," CEO Ola Rollen said in a statement.

Sales were up 6% on a like-for-like basis to 1.29 billion euros, versus 1.28 billion expected by analysts.

($1 = 0.9857 euros)

(Reporting by Helena Soderpalm, editing by Anna Ringstrom)

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