Q3 2024 Garo AB Earnings Call Transcript

Nov 15, 2024 / 08:30 AM GMT

Release Date Price: €1.65 (-1.32%)

Transcript

Key Points

Positve

GARO AB (FRA:46GA) has launched new products like the Garo Entity Home, which has been well-received in the market.
The company has a strong position in the European market for destination charging with a robust product range.
GARO AB has completed recruitment for a new President and CEO, bringing in Jonas Kan with extensive industry experience.
The company has implemented cost-saving measures, including reducing the workforce by 28 employees, expected to save approximately 40 million SEK annually.
Positive signs in the market, such as falling interest rates and political incentives, are expected to lead to a rebound in housing construction in 2025.

Negative

Net sales decreased by 11% compared to the same quarter last year, with significant declines in both the immobility and electrification sectors.
The adjusted operating profit dropped significantly from 5 million to 0.4 million compared to the same quarter last year.
A write-down of 48 million SEK was made for slow-moving inventory, primarily affecting the immobility business area.
The market for immobility remains cautious, with a 26% decrease in sales and macroeconomic uncertainties affecting purchasing behavior.
The construction of new housing in the Nordic region has declined considerably, impacting the demand for GARO AB's products.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GARO.ST - Garo AB
Q3 2024 Garo AB Earnings Call
Nov 15, 2024 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome everyone to the presentation of Garo's report for Q3 2024. My name is Patrick Anderson and I'm the CEO of Goro and with me today, I have Helena Clayon our CFO to present the fina financial performance.

Next slide, please.

Let's start with an introduction, Galway and company founded in 1,939 that develops manufacture and sell innovative products and systems for electrical installation on their own brand in European markets.

Developing products that are at the forefront has always been a significant aspect of our success. Our focus is on developing user friendly and safe product with a modern design and long service life.

Next slide, please.

We have two business areas, goro immobility, which consists of

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