2024-04-24 18:58:09 ET
Husqvarna AB (publ) (HUSQF)
Q1 2024 Results Conference Call
April 24, 2024 04:00 AM ET
Company Participants
Johan Andersson - Investor Relations
Pavel Hajman - Chief Executive Officer
Terry Burke - Chief Financial Officer
Conference Call Participants
Fredrik Ivarsson - ABG
Gustav Hageus - SEB
Björn Enarson - Danske Bank
Adela Dashian - Jefferies
Johan Eliason - Kepler Cheuvreux
Karri Rinta - SHB
Presentation
Johan Andersson
Hello, everyone, and welcome to Husqvarna Group's Report for the First Quarter of 2024. My name is Johan Andersson, responsible for Investor Relations and will be the moderator today. With me here in Stockholm is our CEO, Pavel Hajman; and our CFO, Terry Burke. Pavel and Terry will present the report, and afterwards, we will start a Q&A session. And you are welcome to ask your questions over the telephone conference or you can also use the web interface to put your questions in there, and we will read them out here in Stockholm.
So, with that, thank you once again for joining, and I will hand over now to Pavel.
Pavel Hajman
Thank you, Johan, and welcome, everybody, to this session. So let me begin by highlighting the quarter, the takeaways here for the quarter. And we delivered a first quarter overall in line with our expectations. And this, despite the uncertain macroeconomic context that we still operate in.
As the first quarter progressed, which is a selling quarter for us, sales gradually improved, initially cautious among our trade partners, but to a more favorable trend as the gardening season now begins. And I'm very pleased that the Gardena division delivered growth and improved margin. We also continued to execute and deliver on our cost savings and efficiency program with good results. And our product offering is strong, with many new products launched, which makes us well positioned as the season now commence.
It is also encouraging that we continue to execute on our Sustainovate program and deliver in terms of CO2 reduction, and that will reduce climate footprint. And I will come back, of course, to these milestones further in the presentation.
So with that, let's take a closer look at the numbers for the quarter. Organic sales decreased by 11%. We should remember that we're comparing to a record quarter one last year. Net sales grew in segments such as robotic mowers for the professional market, battery powered products and also parts and accessories. And we also achieved growth in the Gardena division, with watering, hand tools and electric products being the drivers.
Sales of petrol-powered wheel products continued on a low level during the quarter. Planned exits were close to SEK700 million or impacted by 4%, corresponding to approximately half of the decline in the wheel petrol products....
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Husqvarna AB (publ) (HUSQF) Q1 2024 Earnings Call Transcript