Thule Q1 Profit Beats Forecast, Sales Flat

Thule posted Q1 net sales of SEK 2.56 bn, down 3.4% YoY, with organic growth of 3.9% driven by Europe and RV Products.
Operating profit reached SEK 424 m, 3% above Jefferies consensus, delivering a 16.5% margin and unchanged gross margin of 44.8%.
Lower product development and administrative expenses helped improve profitability, while Europe posted 5.2% organic growth and North America was flat.
Shares rose about 1% after results; analysts highlighted North American normalization and margin durability into the peak season.