Thule Group AB (publ) (THLPF) Q3 2024 Earnings Call Transcript

Thule Group AB (publ) (OTCPK:THLPF) Q3 2024 Earnings Conference Call October 23, 2024 4:00 AM ET

Company Participants

Mattias Ankarberg – CEO and President
Toby Lawton – CFO

Conference Call Participants

Daniel Schmidt – Danske Bank
Gustav Hageus – SEB
Adela Dashian – Jefferies
Mats Liss – Kepler Cheuvreux
Benjamin Wahlstedt – ABG
Carl Deijenberg – Carnegie

Operator

Good morning everyone, and welcome to today’s Thule Group Interim Report Q3 July to September 2024. My name is Drew, and I’ll be your operator today. During today’s call there will be a Q&A session. [Operator Instructions]

I will now turn the call over to Mattias Ankarberg, CEO and President to begin. Please go ahead.

Mattias Ankarberg

Thank you very much and welcome, everybody to this quarterly call. I am also joined here, as usual, with — by Toby Lawton, our CFO, and we will speak to the presentation also available on our website.

I will start off on Page 2. The third quarter of the year is a good quarter for us, despite the continued tough consumer market. We grow by 4% organically in the year, more in region Europe and the rest of the world, 6%, and 1% in Americas. We’ll get back to market conditions, but we continue to see a better market in Europe than in North America. And we continue to see the growth coming from new Thule products, driving growth even though the market is tough and also from bike related products where the market is better.

We have a strong gross margin of close to 43% in the quarter, and we have an EBIT margin of 17.6%, which is the highest ever EBIT margin for the third quarter for Thule Group, excluding the pandemic period years. And the total EBIT in absolute terms was SEK413 million, and Toby will get back