Q3 2024 Fiskars Oyj Abp Earnings Call Transcript
Key Points
- Fiskars Oyj (FKRAF) reported an all-time high gross margin in Q3, driven by improvements in the supply chain.
- The company maintained its guidance for 2024, expecting comparable EBIT to be slightly above 2023 levels.
- Fiskars Oyj (FKRAF) achieved a 6.1% increase in reported net sales for Q3, including contributions from Georg Jensen.
- The strategic decision to separate business areas into two operationally independent companies aims to enhance speed and impact.
- The company has successfully implemented cost-saving measures, delivering over EUR30 million in EBIT improvements.
- Despite profitability improvements, Fiskars Oyj (FKRAF) experienced a decrease in organic sales by 7.3% in Q3.
- Free cash flow was negative at EUR16.9 million due to the phasing of trade payables.
- The US market, a significant region for Fiskars Oyj (FKRAF), showed a decline in sales due to low consumer confidence.
- Inventory levels were higher year-over-year, indicating potential inefficiencies in inventory management.
- The company's net debt to EBITDA ratio increased to 2.8 times, above the target of 2.5 or lower.
Hello and welcome to Fiskars Group's Q3 results webcast. I'm Noora Huttula from Fiskars Group's Investor Relations and I'm here with our President and CEO Nathalie Ahlström and CFO Jussi Siitonen. We have a slightly different program from usual. Nathalie will give a brief summary about that in just a moment. After that, Jussi will take you through the Q3 highlights and then Nathalie will give a strategic update. We will then have time for your questions, and you can already type in your questions in the chat during the presentations. Nathalie, please go ahead.
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Thank you, Nora, and welcome everybody to this call today. There's a lot happening in Fiskars Group at the moment, so happy to talk about that. But first, a few glances on the quarter and the key messages. We had another solid quarter in Q3, despite the challenging market conditions. We improved our profitability despite volumes decreasing. And yet
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