Husqvarna Sees Sales Increase in Europe and Asia, not U.S.
Oct 22, 2010
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Husqvarna AB, the outdoor power equipment maker based in Stockholm, saw sales increase in Europe and Asia in the third quarter of 2010, but not in the America.
Husqvarna saw net sales increase in the third quarter to SEK 6,907 million (approx. US$1,042 million) compared to SEK 6,709 million in the third quarter of 2009. Operating income increased to SEK 411 million (approx. $62 million) compared to SEK 173 million in 3Q 2009.
"End-user demand continued to recover in most of our markets during the quarter," said Magnus Yngen, Husqvarna president and CEO. "Europe and Asia/Pacific and Construction showed strong performances. Operating income for Americas was negative due to lower sales and increased costs. Despite a recovery in the market, our sales for Americas decreased due to the reduced listings of low-end lawn mowers with a major retailer in North America for the 2010 season. Strong growth in sales to the dealer channel continued to be an important driver for the group’s positive earnings development during the year, as were innovative new product launches.
"Our estimate is that we have gained market shares for lawn and garden products during the season in Europe," Yngen added. "In the fourth quarter, which is the smallest quarter of the year for the Group, we expect Group shipments to be slightly higher than in the fourth quarter of 2009.”
Net sales for the first nine months of 2009 amounted to SEK 27,446 million (approx. $4139 million) compared to SEK 29,342 million in the same time period in 2009. Operating income was SEK 2508 million, up from SEK 2075. Excluding items affecting comparability, operating income amounted to SEK 2715 million, up from SEK 2187).
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