Thule Group AB

Latest Results (06.08.2024):

Net Sales

Thule Group AB reported net sales of SEK 3,099 million for the second quarter of 2024, reflecting a 2.3 percent increase compared to the same period in 2023. When adjusted for exchange rate fluctuations, the sales increase was 1.6 percent. This growth was driven by strong performance in the European and Rest of World regions.

Operating Income

For the second quarter of 2024, Thule Group AB's operating income amounted to SEK 732 million, up from SEK 711 million in the same quarter of the previous year. This represents an operating margin of 23.6 percent, slightly higher than the 23.5 percent margin recorded in Q2 2023. The increase was attributed to an improved gross margin and lower costs for external inventory management.

Net Income

Thule Group AB's net income for the second quarter of 2024 was SEK 559 million, compared to SEK 539 million in the same period of 2023. This resulted in earnings per share of SEK 5.28 before and after dilution, up from SEK 5.14 in the previous year. The increase in net income was supported by higher operating income and strong sales performance.

Cash Flow

Cash flow from operating activities for Thule Group AB in the second quarter of 2024 was SEK 879 million, a significant increase from SEK 718 million in Q2 2023. This robust cash flow was driven by improved profitability and efficient working capital management, reflecting the company's strong operational performance.

New Financing Agreement

During the second quarter of 2024, Thule Group AB entered into a new financing agreement, replacing the previous one from June 2018. The new agreement, effective in Q2 2024, provides a total financing amount of EUR 400 million, consisting of a EUR 320 million revolving credit facility and an EUR 80 million long-term loan. This new financing arrangement is expected to support Thule's growth initiatives and strategic investments.