Components and systems manufacturer Dometic last week reported financial results for the fiscal 2023 first quarter.
Net sales for the quarter were SEK7.3 billion ($7.1 million), a decline of 3% from SEK7.5 billion ($730.8 million) in the year-ago quarter. Operating profit (EBITA) was SEK821 million ($80 million), down from SEK955 million ($93.1 million) in the 2022 first quarter. Operating cash flow improved to SEK294 million ($28.6 million) from a loss of SEK398 million ($38.8 million) in the prior-year quarter.
“The first quarter result [for] 2023, with a solid double-digit EBITA margin despite extremely challenging market conditions and macroeconomic uncertainty, shows how our strategic initiatives are transforming Dometic into a more diversified and resilient company,” president and CEO Juan Varques said in a statement. “RV industry production in the U.S. declined by 54% year to date, while high retailer inventory levels continued to affect our service and aftermarket business globally.”
Marine segment net sales for the first quarter were SEK$1.76 billion ($171.5 million) compared with SEK1.5 billion ($146.2 million) in the prior-year first quarter. Dometic said the increase was driven by strong demand for power and control systems.
The company did not provide fiscal guidance for the second quarter or remaining year.
