Husqvarna AB: Interim Report January - September 2018
Husqvarna AB: Interim Report January - September 2018 |
[19-October-2018] |
STOCKHOLM, Oct 19, 2018 /PRNewswire/ -- Kai Wärn, President and CEO: Operating income for the Group, excluding items affecting comparability* referring to restructuring related costs, declined to SEK 225m (433). The lower income was affected by low demand for higher margin lawn mowing products and parts in the Husqvarna Division. Gardena benefitted from the warm and dry European weather that helped to prolong the season for watering products. Consumer Brands reported a slightly lower operating income affected by challenging raw material prices related to tariffs. Operating income for Construction was higher, however adjusted for prior year's integration costs the operating income was unchanged. As previously announced, we are now taking firm actions to address the underperforming Consumer Brands Division by exiting certain low-margin petrol-powered products mainly in North America and adjusting manufacturing capacity and central resources to reflect the less complex and more focused Group. The measures are expected to be accretive to the Group´s financial performance already from next year. The actions will also release resources and energy that can be focused on building on our strengths in premium offerings under the core brands of Husqvarna and Gardena in areas such as robotic lawnmowers, digitization and technology for battery powered products. Following several years of strong financial improvements, 2018 will deviate from that trend. Hence, the highest priority for 2019 is to restore the improvement momentum. Key deliverables to accomplish this include realizing price increases, restoring the balance between the efficiency programs and costs for profitable growth activities and delivering the savings of the restructuring of Consumer Brands Division. A successful execution of these deliverables form the base to achieve the 10% operating margin target in 2019." Third quarter 2018
Telephone conference A combined press and telephone conference, hosted by Kai Wärn, President and CEO, and Jan Ytterberg, CFO, will be held at Husqvarna Group's office, Regeringsgatan 28, Stockholm at 10:00 CET on October 19, 2018. To participate, please dial +46(0)8-566-184-30 (Sweden) or +44(0)8-448-228-902 (UK) ten minutes prior to the start of the conference. Conference ID: Husqvarna or 1693525. The conference call will also be audio cast live on www.husqvarnagroup.com/ir. A replay will be available later the same day. Contacts: Jan Ytterberg Tobias Norrby This information was brought to you by Cision http://news.cision.com http://news.cision.com/husqvarna-ab/r/interim-report-january---september-2018,c2648525 The following files are available for download:
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Company Codes: Bloomberg:HUSQB@SS, ISIN:SE0001662230, RICS:HUSQB.ST, Stockholm:HUSQ.B, Stockholm:HUSQB, OTC-PINK:HSQVY |
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