Bike racks maker Thule falls after Q3 miss

Thule AB

27/10/2023 09:00

** Shares in Thule  THULE.ST  fall 3% after the Swedish bike
racks maker posted a "weaker-than-expected" third quarter 
    ** The company posted a Q3 EBIT of SEK 359 million ($32.17
million), up 86% year-on-year
    ** However, Jefferies says results are "weaker than
expected", and notes that EBIT came in 8% below consensus, while
net sales missed estimates by 3%
    ** "The company notes strong growth in bike-related products
during the quarter; however, states that sales declined in the
RV Products segment, which tends to be more cyclical," adds the
brokerage
    ** Up to Thursday's close, shares were up 12.3% YTD


($1 = 11.1610 Swedish crowns)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))