Q3 2024 Husqvarna AB Earnings Call Transcript
Key Points
- Husqvarna AB (HSQVY) reported strong growth in the strategically important areas of robotics and battery products.
- The company delivered a very strong cash flow and reduced net debt by 2.8 billion since the last quarter.
- Inventory levels have been significantly reduced by 3.7 billion, or around 22% from the start of the year.
- Professional robotics saw double-digit growth, with strong demand in sports fields and golf courses.
- The company is committed to long-term strategic investments in growth areas, including robotics and battery technology, which align with market trends.
- Organic sales declined by 4% due to challenging market conditions and restrained consumer spending.
- Operating income decreased to 53 million from 415 million last year, impacted by lower volumes and increased promotional activities.
- The Gardena division experienced an 8% decline in organic sales and a reduced operating margin of negative 7.6%.
- The construction division saw an 8% decline in organic sales, with weak demand in North America impacting results.
- The company announced a cost-saving program that will impact approximately 400 positions, reflecting ongoing challenges in profitability.
Hello, everyone and welcome to the presentation of Wh's group's report for the third quarter, 2024. My name is Claus Andersen responsible for military. We present the report and afterwards we will open up for a Q&A session. And as always, you can ask your questions over the telephone conference, or you can send them in via the web interface. So, with that, I open this presentation and leave the word over to you, Pavel.
Thank you, Calus. So, welcome everyone also from my side as well to today's call. And I'm very pleased that we are presenting a quarter with good growth in the strategically important areas of robotics and battery. Also, we deliver a very strong cash flow and reduced net debt. And this is despite the challenging market and cautious consumer spending, that is still very much impacting us as a group and to navigate the challenging market conditions, we have accelerated the previously communicated cost saving programs with good results. And today we have also announced further mitigating
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