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Investing.com -- NIBE Industrier (ST:NIBEb) reported a marked turnaround in its second-quarter results, pointing to a continued recovery and a more optimistic outlook despite persistent macroeconomic headwinds.
Sales came in at SEK 19,755 million, slightly ahead of SEK 19,529 million in the same quarter last year.
The key improvement was in profitability. Operating profit surged to SEK 1,726 million from SEK 90 million a year earlier, while adjusted operating profit also reached SEK 1,726 million, compared with SEK 1,185 million.
On an adjusted basis, profit after net financial items was SEK 1,214 million, compared with SEK 580 million a year earlier.
Adjusted profit after tax came in at SEK 885 million, up from SEK 257 million.
Adjusted earnings per share were also SEK 0.44, versus SEK 0.13 a year earlier.
"The second quarter confirmed that the signs of improvement that we have observed since the end of the previous year have continued," NIBE said in the release.
"While the effects of duties and tariffs have had some negative impact, it is primarily the politically unstable climate that has adversely affected the Group in the form of lower consumption and cautious consumers. The stronger Swedish krona is also partly obscuring the positive trend," it added