Thule Grows Q4 Sales, but U.S. Results Disappoint
Net income for the fourth quarter was down 32% to SEK30 million ($3.2 mm) from SEK44 million as revenues rose 5% (+1% CC) to SEK1,211 million ($128.1 mm) from SEK1,157 million. Gross margin improved 20 basis points to 38.2%. In North America, Q4 sales continued to disappoint, Thule said, dropping 6% CC, and declined 1% for the full year. Previously communicated phase-out of low-margin OE contracts in the US had a negative impact on sales of SEK11 million for the quarter, and accounted for half of the negative trend in the region. Canada partially offset the down US market, with ... Log in to view full article.