STOCKHOLM (BRAIN) — Thule Group's fourth-quarter net sales increased 15% year-over-year, with 2021 net sales rising 32.7%, despite rising costs for raw materials, freight prices, and COVID-19 employee absenteeism.
For the fourth quarter, Thule net sales were SEK 1,846 million ($203 million). At the same time last year, net sales were SEK 1,605 million. Full-year sales for 2021 were SEK 10,386 million, compared with SEK 7,828 million in 2020.
Net income for the fourth quarter decreased 6% (SEK 154 million) from SEK 164 million. Full-year net income jumped 53.5%, from SEK 1,166 million to SEK 1,790 million. Earnings per share for the fourth quarter decreased 6.2%, from SEK 1.57 to SEK 1.47. Full-year earnings per share increased 52.4%, rising from SEK 11.23 to SEK 17.20.
"During the quarter, we built up inventory levels ahead of the spring, particularly in Europe, and we are also choosing to bring forward several capacity-related investments to ensure flexibility for this year and the future," said Magnus Welander, Thule Group CEO and president. "This means that in 2022, we will invest about 5% of our turnover in expanding and renovating existing production facilities, which is higher than our historical levels."
Region Americas sales increased 27% after currency adjustment, with full-year sales going up 48%. Sport and Cargo Carriers sales — Thule's largest product category — grew 54%, and RV Product sales increased 113%.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote is at Marketwatch.com.
