Highlights of the first quarter of 2024
- Net sales amounted to SEK 31,077m (32,734). Organic sales decreased by 3.7% mainly driven by negative price. Weaker market demand resulted in lower volumes for the Group except in Latin America where increased consumer demand contributed to higher sales.
- Mix improved supported by the new modularized platforms and attractive product offering, despite the challenging market conditions.
- Operating income was SEK -720m (-256), corresponding to a margin of -2.3% (-0.8). Business area North America reported an operating loss of SEK 1,204m, mainly due to continued high price pressure. Business area Latin America continued to perform well. Previously implemented cost efficiency measures contributed positively to earnings by SEK 0.6bn.
- The new organization has been successfully implemented and expanded cost reduction measures are progressing according to plan. Earnings are expected to benefit from this mainly in the second half of 2024, as previously communicated.
- Income for the period amounted to SEK -1,230m (-588) and earnings per share were SEK -4.55 (-2.18).
- Operating cash flow after investments was SEK -2,686m (-5,092), reflecting a normal seasonal pattern.