Highlights of the first quarter of 2023
- Net sales increased to SEK 32,734m (30,118), corresponding to an organic growth of 2.2%. Price remained solid, while weaker market demand resulted in lower volumes for the Group as a whole. New product ranges contributed to higher volumes and market share gains for the business areas North America and Latin America.
- Operating income amounted to SEK -256m (1,575), corresponding to a margin of -0.8% (5.2). Operating income included non-recurring item of SEK -561m (656), that for the first quarter of 2023 related to the discontinuation of production at the Nyíregyháza factory in Hungary in 2024. Excluding non-recurring items, operating income amounted to SEK 305m (919), corresponding to a margin of 0.9% (3.1).
- The year-over-year decline in underlying operating income was mainly a result of lower volumes. North America’s earnings improved significantly sequentially, although the business area still reported a loss in the quarter. The Group-wide cost reduction and North America turnaround program is progressing according to plan and had a positive contribution.
- Income for the period amounted to SEK -588m (950) and earnings per share were SEK -2.18 (3.40).
- Operating cash flow after investments was SEK -5,092m (-5,280).