Garden gear maker Husqvarna: business improving after cautious start
adds CEO comment in paragraphs 7 and 8, shares and comment in in paragraphs 9-11
By Jesus Calero
April 24 (Reuters) -Swedish garden equipment and tools maker Husqvarna HUSQb.ST on Wednesday said retailers and distributors have boosted purchases of tools ahead of the gardening season, after a "cautious" start to the year, which knocked first-quarter results.
The group, whose products range from robotic lawnmowers to irrigation systems, posted earnings before interest and tax (EBIT) of 1.93 billion Swedish crowns ($178.59 million) for the quarter, down 18% from a year earlier.
That was slightly below the 1.95 billion crowns expected in a poll of analyst estimates collected by LSEG.
The EBIT decline was mainly a result of lower volumes with lower capacity utilisation in production, said the company in a statement.
Sales fell 14% to 14.7 billion Swedish crowns, missing the 15.01 billion expected by analysts.
The first quarter is typically a strong period for Husqvarna as the gardening season begins in Europe and North America, where the majority of the company's sales are concentrated.
Retailers, distributors and dealers were cautious on stocking up at the start of the year, Husqvarna CEO Pavel Hajman told Reuters.
"However, we also have seen that we have a sequential sales improvement over the quarter which also indicates that they are preparing themselves for the season start clearly," he said.
Shares were up 6% at 0810 GMT, on track for their best day since January 2023 despite the cautious start to the year.
Jefferies analysts said in a note they are optimistic about the outlook, anticipating improved sales as the gardening season commences.
"Sell-in gradually improved as the quarter progressed, going from a cautious start to a more favourable development as the gardening season begins," it said.
($1 = 10.8070 Swedish crowns)
Reporting by Jesus Calero;
Editing by Josephine Mason
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