Dometic shared a report on its earnings and other financials for Q2 2020 this week, showing the results of an “extraordinary” quarter under the impact of the coronavirus pandemic. According to the numbers provided by Dometic, net sales and cash flow dropped this year during the months most severely affected by coronavirus shutdowns.
“The second quarter was extraordinary in many ways,” President and CEO Juan Vargues said. “The measures that were put in place in the first quarter when the spread of the COVID-19 started continued also in the second quarter with adapting our organization to the new conditions and actively working to ensure that we take Dometic through the pandemic in the best possible way.”
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Among highlights in the RV supplier’s report is a nearly 40% decrease of net sales from year to year. Others include:
• Dometic net sales for the quarter were 3,329 m (5,329); a decrease of -38%, of which -38% was organic growth.
• Operating profit before depreciation and amortization (EBITDA) for the quarter was SEK 504 m (1,100), representing a
margin of 15.1% (20.6%).
• Operating profit (EBIT) before items affecting comparability for the quarter was SEK 361 m (900), representing a margin of
10.9% (16.9%).
• Items affecting comparability for the quarter were SEK -61 m (-), of which SEK -61 m related to restructuring costs for the
quarter from the global restructuring program.
• Operating profit (EBIT) for the quarter was SEK 300 m (900), representing a margin of 9.0% (16.9%).
• Cash flow for the quarter was SEK 2,031 m (-742). Operating cash flow was SEK 311 m (1,417).
• Profit for the quarter was SEK 125 m (562).
• Earnings per share for the quarter were SEK 0.42 (1.90).
“After the first half of the quarter with entire countries closed down, we have seen markets and businesses gradually opening up faster than expected since the middle of May,” Vargues said. “Our efforts during the past years to build an even more diversified company with increased aftermarket focus have proven to be important during the quarter. Total net sales growth was -38 percent and estimated net sales impact due to COVID-19 was around SEK -1,9 billion in the quarter. Aftermarket held up better than OEM despite weeks of store lockdown and developed strongly in June.”
Click here to read the full financial report from Dometic.
