Thule Group (publ), Year-end report, fourth quarter, October–December 2019
Thule Group published the Interim report Q4 and year-end report 2019 (1 January – 31 December, 2019) on February 12, 2020 at 07h45 a.m. (CET).
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Thule Group (publ), Year-end report, fourth quarter, October–December 2019
Fourth Quarter
- Net sales for the quarter amounted to SEK 1,211m (1,157), corresponding to an increase of 4.7 percent. Adjusted for exchange rate fluctuations, sales rose 0.6 percent.
- Underlying EBIT amounted to SEK 71m (64), corresponding to an increase of 10.6 percent and a margin of 5.9 percent (5.5). Adjusted for exchange rate fluctuations, the margin declined 0.5 percentage points. Operating income amounted to SEK 47m (64) and was impacted by restructuring costs of SEK 24m.
- Net income was SEK 30m (44).
- Cash flow from operating activities totaled SEK 174m (16).
- Earnings per share before dilution amounted to SEK 0.29 (0.42).
- The acquisition of the operations of North America’s leading player in roof rack mounted fishing rod vaults, Denver Outfitters, was completed on 30 December. The company had sales just below USD 1m in 2019 and the acquisition is not expected to have any material impact on Thule Group’s total sales and earnings.
Full year
- Net sales for the full-year were SEK 7,038m (6,484) corresponding to an increase of 8.5 percent. Adjusted for exchange rate fluctuations, sales rose 3.9 percent.
- Underlying EBIT amounted to SEK 1,245m (1,164), corresponding to an increase of 7.0 percent and a margin of 17.7 percent (18.0). Adjusted for exchange rate fluctuations, the margin declined 0.7 percentage points. Operating income amounted to SEK 1,195m (1,163) and was impacted by a cost of SEK 25m pertaining to a product recall and by restructuring costs of SEK 24m.
- Net income was SEK 883m (837).
- Cash flow from operating activities totaled SEK 1,030m (606).
- Earnings per share before dilution amounted to SEK 8.56 (8.13).
- The Board of Directors proposes a dividend of SEK 7.50 per share, corresponding to SEK 774m based on the number of shares outstanding at February 12, 2020.