Horizon Global reported net sales of $196.5 million in the third quarter, a $5 million decrease compared to the third quarter of 2020.
The company suffered a net loss in the quarter of $2.8 million, which was $4.4 million less than in the third quarter last year.
The manufacturer of branded towing and trailering equipment said it was impacted in this recent quarter by rising commodity costs and global supply chain constraints.
“When we launched our turnaround plan in late 2019, we set out to build a strong global organization that would not waver regardless of the external business climate,” said Terry Gohl, Horizon Global’s president and CEO. “Our Q3 2021 performance is evidence that we achieved this objective. Despite significant and unprecedented macroeconomic headwinds relating to material costs and supply chain constraints, we did not bend. Instead, we rose to the occasion and rapidly identified and deployed targeted actions, including commercial price recovery, manufacturing rebalancing and operational cost mitigation, to partially offset the impact of industry-wide headwinds. At the same time, we never lost sight of our long-term strategic plan and accelerated the execution of operational improvement initiatives to support the business in Q3 2021 and beyond.”
