Marine and RV components manufacturer Dometic yesterday released financial results for its 2023 fourth quarter.
Net sales were SEK$5.33 billion ($508 million) for the quarter, which was down 14% from the previous-year quarter. Operating profit was SEK$242 million ($23.3 million), which was down 3.8% year-over-year.
Net sales in the OEM sales channel declined 14%, primarily because of lower sales volume in the marine and RV segments in the Americas. The marine segment’s margin was 21.2% despite a net sales decline of 12%.
“In a challenging market environment, impacted by geopolitical and macroeconomic uncertainty in combination with high inventory levels, we continued to demonstrate that we have become a resilient, fast-moving and more effective company,” Juan Vargues, Dometic president and CEO said in a statement. “Reducing working capital was a top priority, and operating cash flow of SEK$5.2 billion ($500.32 million) for the year was our strongest ever.”
The company did not provide guidance for fiscal year 2024.
