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Thule Group Q1 profit climbs 23.0% YOY

Thule Group AB (publ) said its normalized net income for the first quarter came to 1.38 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.53 kronor per share.

EPS increased 21.6% year over year from 1.14 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 140.6 million kronor, a gain of 23.0% from 114.4 million kronor in the year-earlier period.

The normalized profit margin increased to 10.3% from 8.7% in the year-earlier period.

Total revenue rose 5.4% year over year to 1.38 billion kronor from 1.31 billion kronor, and total operating expenses increased on an annual basis to 1.15 billion kronor from 1.11 billion kronor.

Reported net income grew 21.6% on an annual basis to 169.0 million kronor, or 1.66 kronor per share, from 139.0 million kronor, or 1.38 kronor per share.

As of April 26, US$1 was equivalent to 8.11 Swedish kronor.