Q1 2025 Thule Group AB Earnings Call Transcript
Key Points
- Thule Group AB (THLPF) reported a 10% increase in total sales compared to the previous year.
- Gross margin reached an all-time high of 44.8%, driven by the acquisition of Quad Lock and improved product mix.
- The company continues to see growth from new Thule products and recently launched product categories.
- Thule Group AB (THLPF) received 7 new design awards in 2025, highlighting its strong product design capabilities.
- The integration of Quad Lock is progressing well, with over 20% sales momentum and maintained high margins.
- North American sales declined by 13%, reflecting a weak market exacerbated by recent tariff announcements.
- Cash flow from operations was negative at SEK334 million, impacted by seasonal working capital increases.
- The EBIT margin decreased to 15.1% from 17% last year, affected by the earlier phasing of product launch costs.
- Retailers are cautious, impacting inventory levels and sales, particularly in North America.
- The company decided to halt the North American car seat project due to a less favorable market outlook.
Thank you, operator, and welcome everybody to this Q1 call. I'm joined as usual, here today by Toby Lawton, our CFO, and we'll take you to the material that will also be available on our, investor relations website afterwards.
So, starting off in the first quarter of the year, Turley is growing despite a clearly weak North America.
Sales increased in total 10% versus last year.
The market in North America is weak, and I'm sure we'll get back to that, but there is also cautious behaviour across the world after the announcement of the tariffs in the US in February.
Organic growth was 3, with clear differences between the geographies. North America declined 13% versus Europe was flat.
And it's nice to see though that we continue to see growth from new Thule products even in this market and also that the three new product categories that we have continue to add sales growth, including the acquired quad lock that came at the end of last year.
Gross margin increased to an all-time high
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
