Highlights of the second quarter of 2024
- Net sales amounted to SEK 33,819m (32,653). Organic sales increased by 6.8% driven by higher volumes in all business areas while price was negative. Despite challenging market conditions, mix improved supported by the new modularized platforms and attractive product offering.
- Operating income amounted to SEK 419m (-124), corresponding to a margin of 1.2% (-0.4). Excluding non-recurring items, earnings were SEK 519m in the second quarter 2023. Higher volumes and improved mix partly offset negative price. Cost efficiency contributed SEK 0.3bn to earnings.
- Group operating income improved by more than SEK 1bn compared to the first quarter 2024, with a significant reduction of the loss in North America.
- Latin America developed strongly with a high organic sales growth and a rolling 12-months operating margin of 7%.
- Continued weak market in Europe driven by built-in kitchen categories.
- Income for the period amounted to SEK -80m (-648) and earnings per share were SEK -0.30 (-2.40).
- Operating cash flow after investments was SEK 1,226m (3,137), with the second quarter 2024 reflecting a normal seasonal pattern.