Bike racks maker Thule shines as Q2 beats expectations

Thule AB

19/07/2023 08:30

** Shares in Thule  THULE.ST  rise nearly 3% after the
Swedish maker of roof racks, roof boxes and bike racks posted
better-than-expected Q2 results
    ** The outdoor equipment company booked a Q2 EBIT of 711
million Swedish crowns ($69.50 million), which Danske Bank notes
is above the 689 million crowns expected by the market
    ** "Impressive operational performance again from Thule in a
difficult sporting goods market," Danske says, adding that Thule
 is showing pricing power 
    ** Pareto Securities notes a "stronger-than-expected" EBIT
margin of 23.5%
    ** "We expect Q2'23 to mark the final quarter with negative
organic growth," says the brokerage
    ** Up to Tuesday's close Thule shares were up 39.3%​
year-to-date


($1 = 10.2295 Swedish crowns)

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