(SGI) The phasing-out of low-margin contracts with OEMs in the U.S. had a negative impact on Thule’s sales of SEK 11 million Swedish kronor (€1.0m-$1.1m) for the fourth quarter and accounted for half of the negative trend in the region. The Swedish company is known for its roof racks, roof boxes and bike racks, as well as strollers, bags and sleeves of various kinds. Thule’s net income dropped by 31.8 percent from the year-ago quarter to SEK 30 million (€3.1m-$3.2 m), while revenues went up by 4.7 percent in reported terms to SEK 1,211 million (€124.4-$128.1 m), or by 0.6 percent in constant currencies. The gross margin improved by 0.2 percentage points to 38.2 percent, while the underlying Ebit margin improved by 0.4 percentage points to 5.9 percent.
For the full year, sales rose by 8.5 percent to SEK 7,038 million (€667.0m-$722.8m), or by 3.9 percent in constant currencies. In Europe and the rest of the world, on a constant-currency basis, revenues jumped by 6.1 percent from the previous year, while in the Americas, they declined by 1.2 percent. The gross margin fell by 0.6 percentage points to 40.2 percent and the underlying Ebit margin was down by 0.3 percentage points to 17.7 percent. Net income climbed by 5.5 percent to SEK 883 million (€83.7m-$90.6m). (More in SGI Europe)
