STOCKHOLM (BRAIN) — Thule Group net sales for the fourth quarter increased 7.2% year-over-year thanks to revenue from Thule's recent acquisition, Quad Lock. Quad Lock's December evenue was included with Thule's quarterly figures.
For the fourth quarter, net sales were SEK 1,678 million ($153 million), up from SEK 1,566 million at the same time last year. For the year, Thule net sales rose 4.5%, from SEK 9,132 million to SEK 9,541.
The bike sub-category helped the Sports & Cargo Carriers' net sales to grow 1% in the fourth quarter, aided by the launch of a new bike carrier, the EasyFold 3. Sports & Cargo Carriers accounted for 53% of total fourth-quarter sales. For the year, net sales in the category increased 5%.
Region Americas' net sales declined 5.6% during the quarter, but for the year grew 0.1% with bike-related products a main contributing sub-category.
Company-wide fourth-quarter net income was minus SEK 37 million, compared with SEK 24 million year-over-year. Earnings per share for the quarter was minus SEK 0.35, compared with SEK 0.23 at the same time last year.
Thule's net income for 2024 increased 2.1% to SEK 1,122 million, compared with SEK 1,099 million in 2023. Earnings per share went up 1.4% year-over-year, from SEK 10.45 to SEK 10.59.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quotes are at Marketwatch.com.
