Husqvarna last week announced increased net sales and operating income for the Group in the third quarter 2010. Net sales in the third quarter increased to SEK 6.91 billion (about U.S. $1.04 billion) from SEK 6.71 billion (U.S. $1.01 billion) in the year-ago period. Operating income increased to SEK 411 million (U.S. $61.8 million) from SEK 173 million (U.S. $26.0 million) in 3Q09.
Net sales for the first nine months amounted to SEK 27,446 billion (U.S. $4.13 billion) from SEK 29,342 billion (U.S. $4.41 billion) for the first nine months of 2009, and operating income was SEK 2,508 billion (U.S. $377.3 million), an increase from SEK 2,075 billion (U.S. $312.2 million) in the year-ago period. Income for the first nine months was SEK 1,873 billion (U.S. $281.8 million) from SEK 1,355 billion (U.S. $203.9 million) in the first nine months of 2009, or SEK 3.25 (U.S. $0.49) per share.
“End-user demand continued to recover in most of our markets during the quarter,” said Magnus Yngen, president and CEO. “Sales as well as operating income for the Group as a whole increased. Europe & Asia/Pacific and Construction showed strong performances. Operating income for Americas was negative due to lower sales and increased costs. Despite a recovery in the market, our sales for Americas decreased due to the reduced listings of low-end lawn mowers with a major retailer in North America for the 2010 season.
“Strong growth in sales to the dealer channel continued to be an important driver for the Group’s positive earnings development during the year, as were innovative new product launches. Our estimate is that we have gained market shares for lawn and garden products during the season in Europe. In the fourth quarter, which is the smallest quarter of the year for the Group, we expect Group shipments to be slightly higher than in the fourth quarter of 2009.”
Husqvarna has U.S. headquarters in Olathe, Kan.
