HUSQVARNA GROUP: YEAR-END REPORT JANUARY - DECEMBER 2023
Fourth quarter 2023
- Net sales decreased by 17% to
SEK 8,605m (10,353). Changes in exchange rates impacted with -1%. Planned exits of low-margin petrol-powered business impacted with -2%. - Organic sales declined by 15%.
- Operating income was
SEK -983m (-1,737) and the operating margin was -11.4% (-16.8). - Excluding items affecting comparability, the operating income amounted to
SEK -168m (-13) and the operating margin was -1.9% (-0.1). - Items affecting comparability amounted to
SEK -815m (-1,724), and was mainly related to the expansion of the Group's cost savings initiatives, announced inOctober 2023 and a write-down related to the acceleration of the strategic transformation, announced inOctober 2022 , see page 17. - Earnings per share before dilution amounted to
SEK -1.77 (-2.44) and earnings per share after dilution amounted toSEK -1.77 (-2.43). - Cash flow from operations and investments amounted to
SEK -743m (-2,845). Direct operating cash flow wasSEK 523m (-1,261). - Husqvarna Construction Division acquired Total Diamond Products, based in the
UK , see page 8.
January –
- Net sales decreased by 1% to
SEK 53,261m (54,037). Changes in exchange rates contributed with 5%. Planned exits impacted with -1%. - Organic sales declined by 5%.
- Operating income was
SEK 3,880m (3,043) and the operating margin was 7.3% (5.6). - Excluding items affecting comparability, the operating income amounted to
SEK 4,970m (4,853) and the operating margin was 9.3% (9.0). - Items affecting comparability amounted to
SEK -1,090m (-1,810), and was mainly related to the expansion of the Group's cost savings initiatives, announced inOctober 2023 and a write-down related to the acceleration of the strategic transformation, announced inOctober 2022 , see page 17. - Earnings per share before dilution amounted to
SEK 3.81 (3.39) and earnings per share after dilution amounted toSEK 3.81 (3.38). - Cash flow from operations and investments was
SEK 4,414m (-4,009). Direct operating cash flow wasSEK 6,541m (-572). - The CO2 emissions across the value chain have been reduced by -44% (-32) compared to the 2015 base line.
- The Board of Directors will propose a dividend for 2023 of
SEK 3.00 per share (3.00) to the Annual General Meeting.
Improved operating margin and strong cash flow for the year
"During the year we continued to deliver on our strategy, reinforced our positions in key segments as well as achieved an improved operating margin and a strong cash flow.
Challenging market conditions in the fourth quarter
The fourth quarter was characterized by a continuous challenging market situation with lower demand. Group net sales declined by 15% organically and operating income, excluding items affecting comparability, amounted to
In the
The Gardena Division delivered good growth in
Improved operating margin in all divisions for the year
For the full-year, Group net sales declined by 1%. The operating margin, excluding items affecting comparability, increased to 9.3% (9.0). This was driven by our cost savings program, which delivered
We are delivering on our strategic transformation
As part of our transformational journey, we are focusing on growing in the areas of robotic mowers, battery-powered products, watering and solutions for the professional market. During the year, we progressed on our operational ambitions, increasing sales of robotic mowers to
I would like to express my gratitude to all colleagues and partners for their hard work, exceptional engagement and contribution this year. We are dedicated to building a stronger Group while navigating through ongoing market uncertainties. We have cost savings and inventory management programs in place, and we are prepared for 2024, backed by a strong product lineup featuring many exciting innovative product launches."
Webcast presentation and telephone conference
A webcast presentation of the Q4 report hosted by
To view the presentation, please use the link:
husqvarnagroup.creo.se/fa23e10e-c3d3-440d-8d99-8c463cbab7de
The dial-in to the telephone conference (in order to ask questions):
+46 (0) 8 505 100 31 (
Dates for Financial Reports 2024
April 24 Interim report for January-
October 23 Interim report for January-
Contacts
+46 8 738 90 00
+46 702 100 451
Regeringsgatan 28, +46 8 738 90 00, www.husqvarnagroup.com
Reg. Nr: 556000-5331
NASDAQ OMX Stockholm: HUSQ A, HUSQ B
This report contains insider information that
Factors affecting forward-looking statements
This report contains forward-looking statements in the sense referred to in the American Private Securities Litigation Reform Act of 1995. Such statements comprise, among other things, financial goals, goals of future business and financial plans. These statements are based on present expectations and are subject to risks and uncertainties that may give rise to major deviations in the result due to several aspects. These aspects include, among other things: consumer demand and market conditions in the geographical areas and lines of business in which
The following files are available for download:
Interim report Q4 2023 |
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