Shares of Fagerhult Group AB (FAG.ST) are down 9 percent on Friday's trading after the company reported lower profit in its second quarter, impacted by lesser order intakes. Net sales for the period also declined 15 percent from a year ago.
On the Stockholm Exchange, the stock is trading at 39.40 Swedish Kroner, down 9%.
The company, which manufactures lighting fixtures, posted profit of 46.3 million Swedish Kroner or 0.26 Swedish Kroner per share in the second quarter, lower than last year's 108.7 million Swedish Kroner or 0.62 Swedish Kroner per share. On an adjusted basis, earnings were 0.32 Swedish Kroner per share, compared to 0.62 Swedish Kroner per share in the same quarter a year ago.
Pre-tax profit declined to 66.4 million Swedish Kroner from 153.9 million Swedish Kroner in the second quarter of 2024.
During the three-month period, the company's net sales fell 15 percent to 1.85 billion Swedish Kroner from 2.17 billion Swedish Kroner recorded a year ago. On an organic basis, order intake declined 7 percent to 1.91 billion Swedish Kroner from 2.13 billion Swedish Kroner in the previous-year quarter.
Fagerhult Group said that operating profit during the second quarter dropped 41 percent to 244.5 million Swedish Kroner from 416.8 million Swedish Kroner in the previous-year quarter. Adjusted operating profit also fell 37 percent to 264.7 million Swedish Kroner from 416.8 million Swedish Kroner last year.
Looking ahead, Chief Executive Officer Bodil Sonesson Gallon, said, "The external environment remains full of opportunities arising from the macro-economic and geo-political environment meanwhile, we are increasing our focus and activity on the market to target an improvement in order intake and we closely monitor market conditions."
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