Husqvarna rises after slightly better-than-expected Q3, cost cutting measures

Husqvarna AB

23/10/2024 09:03

** Shares in Husqvarna  HUSQb.ST  rise 4.2% after Swedish
gardening equipment and tools maker posted slightly
better-than-expected Q3 results, and announced further
cost-cutting measures due to constrained consumer spending
    ** The company said in a statement cost-cutting move will
impact around 400 jobs and result in annual savings of
approximately 500 million Swedish crowns ($47.28 million)
    ** Kepler Cheuvreux says Q3 results came in slightly better
than expected, with organic growth of -4% and sales in line with
consensus
    ** "No significant changes to estimates are expected, while
the strong cash flow may be a relief and allow the stock to
perform in line with or slightly better than the market today,"
Kepler said via Swedbank Aktiellt equity research service
    ** Jefferies adds the company also experienced positive
growth in robotic mower and battery-powered products 
    ** Shares are on track for a best day in three months

($1 = 10.5755 Swedish crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))