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Investing.com -- Thule Group reported third-quarter net sales of 2.53 billion Swedish krona, up 7.9% from a year earlier, driven by the acquisition of Quad Lock, which contributed 17 percentage points to growth.
Currency headwinds reduced sales by 5.1%, while organic revenue fell 4%.
Net sales of 2.52 billion krona were 4% below consensus, according to Jefferies analysts.
Even so, shares in Thule Group rose more than 2% after the report, potentially due to better-than-expected profit and margins.
Thule’s gross margin improved to 47.5% from 42.9% a year ago. Operating income rose to 453 million krona from 413 million, and was 2% above the consensus cited by Jefferies. This translates to a margin of 17.9%, up slightly from 17.6%.
Net income increased to 314 million Swedish krona from 300 million, with earnings per share before dilution rising to 2.91 krona from 2.84 krona.
"The market remained tough in the third quarter with a negative impact on sales. Despite this, operating income increased and the operating margin was higher than both last year and historical levels," Thule CEO said in a statement.
Regionally, organic sales fell 4.8% in Europe and 5.3% in North America, while the rest of the world (ROW) grew 11%, supported by Quad Lock.
"Thule’s 3Q25 net sales of SEK 2,528m came in 4% below cons, with organic sales declining 4% y/y as both European and North American markets remained subdued," analysts Adela Dashian and Martin Comtesse said in a note.
"The acquisition of QuadLock and new product launches contributed positively, but underlying demand was soft, with retailers cautious on inventory replenishment at the end of the season," they added.
Cash flow from operating activities declined to 668 million krona from 955 million in the same quarter last year.