STOCKHOLM (BRAIN) — Thule Group's net sales increased 13.8% year-over-year in the third quarter in part because of fulfilling demand despite a tangled global supply chain, the company said. Net sales for the quarter ending in September were SEK 2,772 million ($324 million), compared with SEK 2,436 million this time last year.
Net income went up 14.9% from SEK 449 million to SEK 516 million. Earnings per share rose 14.4%, from SEK 4.32 to SEK 4.94.
"Thanks to our flexible supply chain organization, we were able to meet most of the increased demand in the market," said Magnus Welander, Thule Group CEO and president.
In the first nine months of the year, sales increased 44% after currency adjustment year-over year. Manufacturing costs continued to increase during the quarter, driven by material and freight, and costs related to overtime and extra personnel in Thule's assembly plants. The company raised prices during the quarter to compensate.
Sales in the Americas have grown the most of all of Thule's regions this quarter with an increase of 39.6% year-over-year. Sport and cargo carriers and the kids category sales led the way as did cargo bags.
Thule's corporate headquarters is in Stockholm. Its stock is traded on OTCMKTS under the THULE symbol. Thule stock quote at Marketwatch.com.
