Thule Sees Revenues Climb 9.2 Percent In Q4

Thule reported net sales for the fourth quarter amounted to SEK1.07 billion in Swedish Krona, corresponding to an increase of 9.2 percent. Adjusted for exchange rate fluctuations, sales rose 2.5 percent.

Operating income amounted to SEK65 million up from SEK44 million, a 47.7 percent jump.

Underlying EBIT was SEK68 million versus SEK48 million and corresponding to an increase of 42.7 percent. The EBIT margin was 6.4 percent against 4.9 million. After adjustment for exchange rate fluctuations, underlying EBIT improved 0.2 percentage points.

Earnings per share before dilution amounted to SEK0.36 versus SEK0.22.

Strategic focusing Of The Group

The review of the Specialty segment has led to the decision to divest the toolboxes for pick-up trucks business in 2017.

Full Year

Net sales for the full year were SEK5.61 billion against SEK5,32 billion, corresponding to an increase of 5.5 percent. Adjusted for exchange rate fluctuations, sales rose 4.9 percent.

Operating income totaled SEK 957 million versus SEK825 million. Underlying EBIT amounted to SEK970 million against SEK850 million, corresponding to an increase of 14 percent and a margin of 17.3 percent against 16 percent. After adjustment for exchange rate fluctuations, underlying EBIT rose 10 percent and the margin improved 0.8 percentage points.

Net income was SEK676 million against SEK587  million.

Cash flow from operating activities totaled SEK878 million versus SEK662  million.

Earnings per share before dilution amounted to SEK6.69 versus SEK5.87.

The Board of Directors proposes an ordinary dividend of SEK3.40 per share, which corresponds to a dividend of SEK344 million calculated based on the number of outstanding shares at February 10, 2017. The proposed ordinary dividend will be paid in two installments (SEK1.70 in May and SEK1.70 in October), and comprises 51 percent of earnings per share. The Board also proposed an extraordinary dividend of SEK7.50 per share, corresponding to a dividend of SEK758 million, calculated based on the number of outstanding shares at February 10, 2017, to be distributed in May. Accordingly, the total proposed dividend is SEK10.90 per share.

Photo courtesy Thule