Brief: Nibe Expects Gradual Improvement In Demand In H2

Nibe Industrier AB

16/05/2024 07:07

May 16 (Reuters) - Nibe Industrier AB  NIBEb.ST :
    * WEAK FIRST QUARTER
    * IN SHORT TERM, ONGOING INVENTORY ADJUSTMENTS AT DISTRIBUTORS ARE EXPECTED TO BE LARGELY
COMPLETED IN Q2 OF THIS YEAR
    * REVIEW OF TOTAL COSTS AS A RESULT OF WEAK DEMAND IN EUROPEAN HEAT PUMP MARKET AT BEGINNING
OF
2024 - ACTION PLAN UNDERWAY
    * DEMAND AT MANUFACTURING LEVEL SHOULD THEREFORE GRADUALLY IMPROVE IN SECOND HALF OF YEAR
    * CLEAR INDICATIONS OF INTEREST RATE CUTS SHOULD CONTRIBUTE POSITIVELY TO A GRADUAL
IMPROVEMENT IN
ECONOMIC SITUATIO
    * ACTION PLAN WILL RESULT IN ANNUAL SAVINGS CORRESPONDING TO AROUND SEK 750 MILLION
    * COSTS OF ACTION PLAN ARE ESTIMATED AT AROUND SEK 1,095 MILLION, WHICH BURDENED RESULTS IN
Q1
    * ON  NIBE CLIMATE SOLUTIONS: AMBITION IS TO BE BACK TO BUSINESS AREA’S HISTORICAL LEVELS
DURING
2025

Source text for Eikon:  ID:nGNEhPLyy 
Further company coverage:  NIBEb.ST 

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