UPDATE 1-Weak public safety business holds back Hexagon [Reuters]
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Source: Reuters
UPDATE 1-Weak public safety business holds back Hexagon - Reuters 2 Min Read (Adds shares, background, detail, CEO comment) STOCKHOLM, May 7 (Reuters) - Swedish industrial technology group Hexagon increased quarterly sales and core earnings slightly less than forecast held back by continued weakness in its public safety business. The maker of measurement and positioning systems and software described the first quarter as robust overall. Adjusted operating earnings grew to 221 million euros ($247.7 million) from 198 million a year earlier, just short of the 225 million mean forecast seen in a poll of analysts. Organic sales growth for the group was 4 percent, compared to analysts’ expectations for 5 percent growth. Hexagon said growth and margins had been hampered by a weak Safety & Infrastructure division with a 17 percent organic sales drop in the quarter. Public Safety accounts for roughly 5 percent of Hexagon’s sales. “If we exclude the public safety related business the Hexagon or
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