STOCKHOLM (BRAIN) — Thule Group’s net sales for the fourth quarter increased 33% year-over-year, helping the sport and cargo carrier manufacturer see an 11% net sales gain for 2020.
Fourth-quarter net sales were SEK 1,605 million ($193 million), compared to SEK 1,211 million ($146 million) at the same time last year. Adjusted for exchange rate fluctuations, sales increased 45%. Net income for the quarter increased from SEK 30 million ($3.6 million) to SEK 164 million ($19.7 million), an increase of 450% year-over-year. Earnings per share was SEK 1.57 ($0.19), an increase of 442% from SEK 0.29 ($0.035).
CEO Magnus Welander said Thule’s sales growth “was difficult to imagine in the middle of April, when society was shutting down around the world to limit the pandemic’s spread, which contributed to the temporary halving of sales.”
Welander credited sales growth, high gross margins, and efficient operations for an EBIT margin of 15% for the quarter and 20% for the year.
For the year, Thule had net sales of SEK 7,828 million ($942 million). Net income was SEK 1,166 million ($140 million), an increase of 32% year-over-year.
In the Americas, sales went up 48% in the quarter year-over-year, driven by bike-rack demand. For the year, sales in the Americas rose 10% compared to the same period last year.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote at Marketwatch.com.
