STOCKHOLM (BRAIN) — Thule Group's net sales increased 2.3% year-over-year in the second quarter when the carrier brand also reached agreement for new financing with selected Nordic banks and also acquired a small German bike trailer company.
Net sales for the quarter ending in June were SEK 3,099 million ($294 million), compared with SEK 3,029 million at the same time last year. The new financing agreement is for 400 million euros and consists of a revolving credit facility of 320 million euros and a 80 million euro long-term loan.
Region Americas sales increased 1.8% to SEK 796 million year-over-year, with Thule saying the North American market remains challenging and the U.S. growth "weak but positive."
Year-over-year net income went up 3.7%, from SEK 539 million to SEK 559 million. Earnings per share increased 2.7%, from SEK 5.14 to SEK 5.28.
Thule's acquisition of Reacha came earlier this month. Reacha manufactures bike trailers for hauling water sports equipment like surfboards and other equipment. Thule said Reacha has annual sales of SEK 9 million.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote is at Marketwatch.com.
