Husqvarna AB, the outdoor power equipment OEM based in Stockholm, reported adjusted sales were up 5% during the quarter second quarter of 2010. Sales were up 10% in Europe and Asia/Pacific but down 1% in the Americas.
“The year had a slow start due to the late spring in several markets. However, during the second quarter activities gradually improved with strong sales in June," said Magnus Yngen, President and CEO.
The company said end-user demand increased compared to the preceding season. Performance was strong in several important markets, especially in Europe.
Husqvarna estimated that it gained European market share in the first half of 2010.
Adjusted operating income increased 34%, helped by increased sales and production volumes, improved mix, and continuing cost efficiency gains.
"Although it seems our industry has passed the bottom of the recession and end-user demand is on the rise, the trade still remains cautious regarding inventory management," Yngen said. "Lead times are short and shipments are unusually volatile. Our estimate is that group shipments in the third quarter will be slightly higher compared with the third quarter of 2009.”
to Daily News