Swedish diesel outboard manufacturer Oxe Marine last week announced financial results for fiscal year 2022 and its fourth quarter.
Consolidated sales for quarter were SEK 32.1 million ($3.1 million) in the parent company and SEK 31.8 million ($3.03 million) for the company and its subsidiaries, a 24% decrease compared with the year-ago quarter.
Warranty chargebacks significantly impacted the bottom line, dropping to 11% in the quarter compared with a normal margin of 27%.
“Q4 [was] nothing but a significant disappointment caused by a combination of unfavorable circumstances,” CEO Anders Berg said in a statement. “To be fair, most of these circumstances cannot be blamed on anything else than our own performance, and at the same time it is encouraging to know we have during the last six months systematically put actions in place to mitigate these and establish professional processes and structures.”
According to an interim report included in the fourth quarter financials, sales for the parent company for fiscal year 2022 were SEK 133.1 million ($12.7 million), a 33% increase over the prior year. Gross margin for the year decreased to 23% from 26% from fiscal year 2021. The company’s complete annual report and analysis will be released April 18.
