Brief: Nibe Industrier Expect Gradual Improvement In Demand In H2

Nibe Industrier AB

16/08/2024 07:33

Aug 16 (Reuters) - Nibe Industrier AB  NIBEb.ST :
    * EXPECT A GRADUAL IMPROVEMENT IN DEMAND IN ALL THREE
BUSINESS
AREAS IN SECOND HALF OF YEAR
    * ACTION PLAN IS BEING IMPLEMENTED AS A RESULT OF MAJOR
DESTOCKING
IN DISTRIBUTION CHAIN, CONTINUING HIGH INTEREST RATES AND
HISTORICALLY LOW HOUSING PRODUCTION
    * H1 ADJUSTED OPERATING PROFIT AMOUNTED TO SEK 1,185 (3,602)
MILLION
    * H1 ADJUSTED PROFIT AFTER NET FINANCIAL ITEMS AMOUNTED TO
SEK 580
(3,355) MILLION
    * H1 ADJUSTED PROFIT AFTER TAX AMOUNTED TO SEK 257 (2,597)
MILLION
    * BELIEVE THAT THE INVENTORY ADJUSTMENTS IN THE DISTRIBUTION
CHAIN, WHICH HAVE BEEN GOING ON FOR MORE THAN NINE MONTHS, ARE
NOW LARGELY COMPLETED IN THE VAST MAJORITY OF MARKETS
    * ASSESSMENT IS THAT DEMAND AT MANUFACTURER LEVEL HAS
LARGELY
BOTTOMED OUT IN THE FIRST HALF OF THE YEAR AND WILL GRADUALLY 
IMPROVE IN THE SECOND HALF
    * Q2 NET SALES SEK 10,035 MILLION VERSUS SEK 11,833 MILLION
YEAR
AGO
    * WELL PREPARED TO CONTINUE BEING PROACTIVE ON ACQUISITIONS
    * Q2 OPERATING PROFIT SEK 669 MILLION VERSUS SEK 1,847
MILLION
YEAR AGO

Source text for Eikon:  ID:nGNE3J73s4 
Further company coverage:  NIBEb.ST 

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