Sweden-based Dometic is traded on the Swedish Nasdaq exchange; its currency is the Swedish Krona (SEK). The company reported net sales during the fourth quarter of 4.213M SEK, or, as of 11 a.m. ET on Feb. 4, a figure equivalent to approximately $500.1 million.
In a statement accompanying the earnings announcement, President and CEO Juan Vargues appeared pleased with the earnings, noting, “The substantial market recovery that started in the third quarter continued into the fourth quarter. We delivered a strong performance in the quarter with an organic net sales growth of 15 percent, significantly improved profitability, and a solid cash flow. All regions showed organic net sales growth and improved profitability.
“Customer demand remained high and we are pleased to enter 2021 with a substantially higher order backlog than a year ago. Capacity has been added to our supply chain and our supply performance has considerably improved in the quarter. However, access to key components and freight capacity remains challenging for many industries. …
“The global restructuring program announced in 2019 is progressing well. We are committed to our cost reduction target of SEK 400 m, however, current COVID-19 related travel restrictions combined with strong market demand are factors that are slowing the pace of some of our ongoing projects.
2020 was a challenging year, impacted by the COVID-19 pandemic. We are very grateful for the major efforts made by the entire organization to keep operations going despite the changed circumstances the pandemic brought with it. We successfully balanced significant short-term fluctuations in demand and COVID-19-related disruptions in our factories with long-term investments and structural improvements. …
“While the COVID-19 pandemic continues to impact us, albeit at a lesser level, and creates uncertainty, we remain positive regarding the outlook for the coming quarters. We are optimistic about the long-term trends in the mobile living industry and see good opportunities for acquisitive growth. We will continue to deliver on our strategic direction and remain fully committed to delivering on our financial targets.”
