Q2 2024 Husqvarna AB Earnings Call Transcript
Key Points
- Strong growth in the professional robotic lawn mower business.
- Stable gross margin driven by cost savings and planned exits of low profitable wheeled petrol products.
- Good cash flow primarily driven by reduced inventory levels.
- Growth in battery-driven products for consumers and parts and accessories.
- Solid financial position with improved borrowing situation and reduced net debt.
- Weak macroeconomic climate with cautious consumer spending affecting business negatively.
- Heavy rainfall and cold weather in Central Europe and North America significantly impacted Gardena's watering business.
- Organic sales declined by 6% with a significant drop towards the end of the quarter.
- Lower operating income due to lower volumes, lower capacity utilization, and negative mix effect.
- Significant decline in sales in the North American market for the construction division.
Hello, everyone, and welcome to the presentation of Husqvarna Group's financial report for the second-quarter of 2024. My name is Johan Andersson, responsible for Investor Relations and will be the moderator here today.
Here in Stockholm, we have our CEO, Pavel Hajman; and our CFO, Terry Burke that will present the report. And afterwards we will conclude with a Q&A session. And you you can ask your questions over the telephone conference or you can send in your questions via the web interface. So warm welcome.
And with that, I leave over to you, Pavel.
Thank you, Johan. And of course, also a warm welcome from my side, and let me begin by highlighting the key points of the quarter.
So the quarter started off well from a selling perspective following the gradual improvement that we saw in the first quarter. However, the weak macroeconomic climate with cautious consumer spending and also cautiousness among our channel partners gradually
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