STOCKHOLM (Reuters) -Industrial technology group Hexagon on Friday reported a bigger than expected rise in first-quarter adjusted profit as the company's sales increased and it managed to soften the effects of cost inflation and currency swings.
The maker of measurement and positioning systems and software said adjusted operating profit came in at 372 million euros ($410 million) against a year-earlier 335 million, on organic sales growth of 8%.
Analysts polled by Refinitiv had on average forecast a profit of 353 million euros.
Hexagon's sensors and software are used for measurement and quality inspection in manufacturing processes and engineering plant design, as well as in infrastructure planning, construction, mining, agriculture and energy.
"Our operating margins remained highly resilient as the business mitigated ongoing challenges from both inflation and currency," CEO Paolo Guglielmini said in a statement.
Hexagon said its adjusted operating profit margin was unchanged at 29%, positively impacted by product mix but squeezed by currency translation effects.
Guglielmini had in January said Hexagon had good momentum going into 2023, was well placed to deal with global economic challenges, and would continue to invest in new technologies.
"We continue to follow the main themes underpinning the current global macro uncertainty closely, and remain conservative in our day to day management of the business, prioritising investments which will service future growth," he said on Friday.
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(Reporting by Anna Ringstrom, editing by Terje Solsvik and Jane Merriman)