Supplier of products to the RV and outdoor industries, Thule, has published its interim Q3 report, a period in which President and CEO Mattias Ankarberg said the company enjoyed ‘good profitability in a continued tough market’.

Net sales for the quarter were recorded as SEK 2,528m, an increase of 7.9 per cent on the same period from the previous year. Of this, 17 per cent is from the acquisition of Quad Lock and a negative 5.1 percent from exchange rate fluctuations. Organically, sales declined 4.0 per cent.

Thule Group’s gross margin for the quarter increased to 47.5 per cent, while operating income amounted to SEK 453m, corresponding to a margin of 17.9 per cent.

Cash flow from operating activities in Q3 totalled SEK 668m.

“The market remained tough in the third quarter with a negative impact on sales,” said Mattias Ankaberg.

“Despite this, operating income increased, and the operating margin was higher than both last year and historical levels. Our newest product categories continued to perform well, and the work to build a larger, more profitable Thule continued at a high pace.

“Following an intense first half of the year, we launched fewer products in the third quarter. New Thule products clearly drive growth, particularly in areas where we hold strong market positions. One example is RV Products, our category for recreational vehicles, where, while the market is still going through a tough period, we have shown organic growth all year. All of this growth is attributable to new products launched in the last 18 months.

“Thule is well-positioned even in a tough market. We are global market leaders in our key product categories, and invest long-term in developing fantastic and sustainable products, a strong global brand and cost-efficient manufacturing and logistics.”

You can see the report in full on the Thule website.

Photo: Thule Group