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Thule Group Q1 profit climbs 82.4% YOY

Thule Group AB (publ) said its first-quarter normalized net income amounted to 1.15 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.19 kronor per share.

EPS rose 53.0% year over year from 75 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 116.3 million kronor, an increase of 82.4% from 63.8 million kronor in the year-earlier period.

The normalized profit margin rose to 8.7% from 5.9% in the year-earlier period.

Total revenue grew 27.1% on an annual basis to 1.37 billion kronor from 1.07 billion kronor, and total operating expenses rose 25.8% from the prior-year period to 1.16 billion kronor from 923.0 million kronor.

Reported net income grew 82.1% year over year to 142.0 million kronor, or 1.41 kronor per share, from 78.0 million kronor, or 92 öre per share.

As of April 29, US$1 was equivalent to 8.32 Swedish kronor.