HUSQVARNA GROUP: INTERIM REPORT JANUARY - MARCH 2024
HUSQVARNA GROUP: INTERIM REPORT JANUARY - MARCH 2024 |
[24-April-2024] |
STOCKHOLM, April 24, 2024 /PRNewswire/ -- Well positioned for the gardening season First quarter 2024
Well positioned for the gardening season "As the first quarter progressed, which is a sell-in period, sales gradually improved. We went from a cautious start among our trade partners, to a more favorable development as the gardening season now begins. The Group's organic sales declined by 11% during the quarter, coming from a record first quarter last year. The operating income amounted to SEK 1,930m (2,364). Our cost savings program is progressing as planned, with savings of SEK 185m in the quarter. The Gardena Division achieved organic growth, driven by the watering category and hand tools in Europe. The division delivered improved operating income and higher operating margin from the sales growth and result from operational efficiency measures. In addition, good progress in North America contributed to an improved operating income. In the Husqvarna Forest & Garden Division, sales of robotic mowers for the professional market and battery-powered products were strong. However, sales of petrol-powered wheeled products continued on a low level, partly due to lower demand and the fact that we are proactively exiting parts of this segment in North America. Net sales in the Husqvarna Construction Division declined, with growth in emerging markets, but lower sales in Europe and North America. The operating margin declined due to the lower volumes. Direct operating cash flow for the Group amounted to SEK -1.6bn (-0.2), impacted by the planned reduction of trade receivables financing. We are actively focusing on our inventory levels, which continued to decrease. Strategic progress Another strategic aspect is our commitment to sustainability. The Group's efforts to reduce its carbon footprint are developing well. To date, CO₂ emissions (Scope 1, 2 and 3) have decreased by -51% compared with the base year of 2015. This is driven by the electrification of our industry and lower sales of petrol-powered products, primarily wheeled. With that, we have exceeded our target of a -35% reduction by 2025. In summary, the sales trend improved gradually during the quarter and we achieved growth in the Gardena Division. We continue to build a stronger Group and to deliver on our strategic transformation. With a strong range of innovative products, we have a solid platform and are well positioned for the gardening season." Pavel Hajman, CEO Webcast presentation and telephone conference To view the presentation, please use the link: husqvarnagroup.creo.se/891cd80d-8cee-477f-9645-78b81c459fa2 The dial-in to the telephone conference (in order to ask questions): Dates for Financial Reports 2024 Contacts Johan Andersson, Vice President, Investor Relations Husqvarna AB (publ), P.O. Box 7454, SE-103 92 Stockholm Reg. Nr: 556000-5331 This report contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact person set out above, at 07.00 CET on April 24, 2024. Factors affecting forward-looking statements This information was brought to you by Cision http://news.cision.com https://news.cision.com/husqvarna-group/r/interim-report-january---march-2024,c3966429 The following files are available for download:
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Company Codes: Bloomberg:HUSQB@SS, ISIN:SE0001662230, RICS:HUSQB.ST, Stockholm:HUSQB, OTC-PINK:HSQVY |