RV and outdoor appliance and accessory maker Dometic reported sales during the second quarter of $802.1 million, a 53 percent jump over the same quarter a year ago.
It saw a profit of $78.05 million, according to online currency conversion tables.
Dometic is headquarted in Switzerland and reports its financials in the Swedish Krona.
The company biggest highlight in the quarter was the closing of a plant in Germany, which was one of the final steps in a global restructuring program that was first initiated in 2019, and is expected to be fully implemented by the end of 2023.
“In a challenging market environment we continued to execute on our strategy and delivered a net sales growth of 53 percent in the quarter,” said Juan Vargues, Dometic’s president and CEO. “Organic net sales declined minus 1% mainly due to reduced service and aftermarket sales, considering the strong first half of 2021, and as retailers globally are rebalancing their inventory levels. The OEM business showed strong organic growth across all vertical end markets. The order backlog is higher than a year ago, while we have started to see declining RV OEM production data.
“Our acquired companies continued to perform well in the quarter. Igloo, one of the world’s leading brands in passive cooling boxes that we acquired last year, showed strong growth despite the uncertain market conditions supported by its iconic brand and new product introductions. The mobile power solutions business continued to show a strong development supported by the growing electrification trend. …
“On July 6, 2022, we announced that our manufacturing operation in Siegen, Germany, will be relocated to an existing site in Hungary. This is the final activity in the existing global restructuring program announced in 2019, and the relocation is expected to be completed by mid 2023. We are now taking the next step to further accelerate operational optimization and improve profitability with a new global restructuring program, focusing on continued consolidation of locations and rightsizing of resources. … The implementation cost is estimated to SEK 200m ($18.9) with around 700 employees affected.”