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Organic Sales Decline: 4% decrease in total organic sales.
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Group Operating Income: SEK 53 million, down from SEK 415 million last year.
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Cost Savings Realized: SEK 190 million in the quarter, SEK 590 million year-to-date.
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Direct Operating Cash Flow: EUR 4 billion for the quarter, EUR 6.3 billion year-to-date.
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Inventory Reduction: SEK 3.7 billion reduction since the start of the year.
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Net Debt Reduction: SEK 2.8 billion decrease since the last quarter.
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Robotics and Battery Sales: 20% of group sales on a 12-month rolling basis.
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Forest and Garden Division Sales Decline: 1% organic sales decline in the quarter.
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Forest and Garden Operating Margin: 2.5% for the quarter.
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Gardena Division Sales Decline: 8% organic sales decline in the quarter.
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Gardena Operating Margin: Negative 7.6% for the quarter.
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Construction Division Sales Decline: 8% organic sales decline in the quarter.
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Construction Operating Margin: 8.2% for the quarter.
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Year-to-Date Operating Margin: 9.8%, down from 11.5% last year.
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Fixed Cost Savings Target: SEK 500 million, impacting approximately 400 positions.
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Non-Recurring Costs: SEK 600 million to be reported in Q4.
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Net Debt/EBITDA Ratio: 2.4.
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Inventory Reduction (Currency Adjusted): SEK 3.9 billion since the start of the year.
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CO2 Emissions Reduction: 56% reduction along the value chain.
Release Date: October 23, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Husqvarna AB (HSQVY) reported strong growth in the strategically important areas of robotics and battery products.
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The company delivered a very strong cash flow and reduced net debt by 2.8 billion since the last quarter.
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Inventory levels have been significantly reduced by 3.7 billion, or around 22% from the start of the year.
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Professional robotics saw double-digit growth, with strong demand in sports fields and golf courses.
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The company is committed to long-term strategic investments in growth areas, including robotics and battery technology, which align with market trends.
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Organic sales declined by 4% due to challenging market conditions and restrained consumer spending.
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Operating income decreased to 53 million from 415 million last year, impacted by lower volumes and increased promotional activities.
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The Gardena division experienced an 8% decline in organic sales and a reduced operating margin of negative 7.6%.
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The construction division saw an 8% decline in organic sales, with weak demand in North America impacting results.
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The company announced a cost-saving program that will impact approximately 400 positions, reflecting ongoing challenges in profitability.