STRONG SALES AND EBITA GROWTH UNDER TOUGHER MARKET CONDITIONS
SECOND QUARTER 2022
- Net sales were
SEK 8,498 m (5,571); an increase of 53%, of which -1% was organic growth. -
Operating profit (EBITA) before items affecting comparability was
SEK 1,330 m (1,036), corresponding to a margin of 15.7% (18.6%). -
Items affecting comparability were
SEK -14 m (-58). -
Profit for the quarter was
SEK 827 m (560). -
Earnings per share were
SEK 2.59 (1.85). Adjusted earnings per share wereSEK 2.97 (2.19). -
Cash flow for the quarter was
SEK 358 m (1,644). Operating cash flow wasSEK 738 m (875). -
Closure of the manufacturing in
Siegen, Germany , announcedJuly 6th . This is the final activity in the 2019 global restructuring program. -
A new global restructuring program initiated targeting additional
SEK 200 m in annual saving. Expected to be fully implemented by the end of 2023. - Net debt leverage at the end of the quarter was 2.9x (1.4x).
CEO COMMENT
"In a challenging market environment we continued to execute on our strategy and delivered a net sales growth of 53 percent in the quarter. Organic net sales declined -1 percent mainly due to reduced Service & Aftermarket sales considering the strong first half of 2021 and as retailers globally are rebalancing their inventory levels. The OEM business showed strong organic growth across all vertical end markets. The order backlog is higher than a year ago, while we have started to see declining RV OEM production data.
Our acquired companies continued to perform well in the quarter. Igloo, one of the world's leading brands in passive cooling boxes that we acquired last year, showed strong growth despite the uncertain market conditions supported by its iconic brand and new product introductions. The mobile power solutions business continued to show a strong development supported by the growing electrification trend. In mobile power solutions net sales for the last twelve months, including acquired companies proforma, have grown to more than
EBITA before items affecting comparability improved by 28 percent to
On
Operating cash flow for the quarter was
Given the challenging market environment it is encouraging to see the significant steps we have taken on our strategic journey and we are proud of the contribution of our employees and their dedication during the first six months of 2022. The current macroeconomic situation brings uncertainty and is leading to a weakening demand in the short term. History shows that we are able to act fast and deliver strong financial results also in challenging times, and today we are a significantly more diversified company than before. While being proactive on short-term developments, we are optimistic about the long-term trends in the Mobile Living industry and will continue to implement our strategic agenda to deliver on our targets."
PRESENTATION OF THE REPORT
Analysts and media are invited to participate in a telephone conference at 10.00 (CEST)
Participant Passcode: 144540
Webcast URL and presentation are available at https://www.dometicgroup.com/en/investors
This information is information that
FOR FURTHER INFORMATION, PLEASE CONTACT
Rikard Tunedal, Head of Investor Relations
Phone: +46 730 56 97 35, Email: rikard.tunedal@dometic.com
ABOUT DOMETIC
Dometic is a global market leader in the mobile living industry. Millions of people around the world use Dometic products in outdoor, residential, and professional applications. Our motivation is to create smart, sustainable, and reliable products with outstanding design for an outdoor and mobile lifestyle in the areas of Food & Beverage, Climate, Power & Control, and Other Applications. Dometic employs approximately 9,000 people worldwide, had net sales of
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