Thule Sees Big Q4 Gains
Net income more than quintupled in the final quarter to SEK164 million ($17.8 mm) from SEK30 million as revenues expanded by a third to SEK1,605 million ($174.3 mm) from SEK1,211 million and were up 45% constant currency. Gross margin was up 180 basis points to 40.1% helped by increased production volumes and an advantageous product mix. A 3% decline in SG&A in krona amounted to a 930 b.p. drop as a percent of sales. The Americas accounted for SEK531 million ($57.7 mm) in Q4, up 28% from 2019, driven by sport and cargo carriers and a big jump in the ... Log in to view full article.