Husqvarna last week reported that net sales for the second quarter increased by 11 percent to SEK 11.48 billion (U.S. $1.47 billion) from SEK 10.34 billion (U.S. $1.33 billion) a year ago. Adjusted for acquisitions and changes in exchange rates, net sales decreased by 7 percent. Operating income declined by 16 percent to SEK 1.12 billion (U.S. $143.1 million) from 1.32 billion (U.S. $169.4 million) in the year-ago period, corresponding to a margin of 9.7 percent.
Net sales for the first half rose by 11 percent to SEK 22.63 billion (U.S. $2.90 billion) from 20.39 billion (U.S. $2.61 billion). Adjusted for acquisitions and changes in exchange rates, net sales declined by 9 percent. Operating income decreased by 25 percent to SEK 1.90 billion (U.S. $243.9 million) from 2.52 billion (U.S. $323.5 million). Income for the period was SEK 1.23 billion (U.S. $157.1 million ) from SEK 1.56 billion (U.S. $200.4 million), corresponding to SEK 2.33 (U.S. $0.30) from SEK 3.42 (U.S. $0.44) per share in the year-ago period.
“Market demand in the second quarter was substantially lower than in the previous year in all product areas,” said Magnus Yngen, Husqvarna president and CEO. “Group sales declined by 7 percent, adjusted for changes in exchange rates and acquisitions. Despite the difficult environment, sales for consumer products in North America increased, for the third consecutive quarter. Overall, we strengthened our market position.”
Husqvarna is an international producer of lawn mowers, chainsaws and portable petrol-powered garden equipment such as trimmers and blowers. The Group is also a world leader in diamond tools and cutting equipment for the construction and stone industries.
