STOCKHOLM (BRAIN) — Thule Group's third-quarter net sales grew 3% year-over-year despite a continued sluggish North America market.
Overall net sales for the quarter were SEK 2.60 million ($262.5 million), compared with SEK 2.52 million at the same time last year. North American net sales were up slightly (1.2%), but organic net sales were down 0.8% for the quarter and 1.3% for the year.
Sports & Cargo Carriers, which include bike racks, were up 2%, led by the European market. The category accounted for 52% of total sales for the quarter.
"Market conditions remain challenging, and we do not expect any significant improvement in the short term," said Mattias Ankarberg, Thule president and CEO. "We are now in the fourth quarter, which is Thule's smallest in terms of sales. At the same time, it is a busy quarter with preparations for next year's launches and activities. Work to build a larger, more profitable Thule continues at a high pace."
Operating income for the quarter was SEK 521 million, which included tariff refunds of SEK 52 million. Quarterly net income increased 25.2%, from SEK 314 million to SEK 391 million. Earnings per share increased from SEK 2.91 to SEK 3.65.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote is at Marketwatch.com.
