Q4 2024 Dometic Group AB (publ) Earnings Call Transcript
Key Points
- Dometic Group AB (FRA:D00) reported a very strong cash flow of almost SEK800 million, leading to a leverage of 3.1x compared to 3x in Q3.
- The company maintained a decent EBITA margin of 10.8% for the year, despite challenging market conditions.
- Dometic Group AB (FRA:D00) continues to invest in product development and innovation, with a focus on new air conditioners and mobile cooling products.
- The restructuring program introduced is expected to yield annual savings of SEK750 million by the end of 2026.
- The company is seeing stabilization in the Americas and a lower drop in the marine OEM segment, indicating potential recovery in these areas.
- Organic growth declined by 13% in Q4, with a significant drop in sales across all segments.
- EBITA margin decreased to 7.3% from 8.7% last year, and further to 6% when excluding one-off items.
- The RV OEM segment is down to 20% of total sales, reflecting a significant decline in this area.
- The company is facing challenges with inventory management, as customers remain cautious about building inventories.
- Negative adjusted EPS of SEK0.35 was reported, indicating financial pressure on the company's earnings.
Welcome to the Dometic Q4 report 2024. Today, I am pleased to present CEO, Juan Vargues; CFO, Stefan Fristedt; and Head of Investor Relations, Rikard Tunedal.
(Operator instructions)
Now I will hand the conference over to the speakers. Please go ahead.
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Hello, good morning, everybody, and welcome to this call for last quarter, 2024.
Let's proceed immediately with the highlights. In regards to the market. No major changes in comparison to what we saw during the last couple of quarters. We didn't see top market conditions. We see as well. Consumers are still being cautious even if camping grounds have been killed during the season. Still, the question is very much on the inventories. And the fact that our customers seem to be still cautious in building inventories during the season but also now ahead of the season.
We have noted in the last, I would say, two quarters that we get a month that looks like the most
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