Dometic Group reported a 29% year-over-year increase in revenue for its first quarter, driven by 10% organic growth.
Other highlights showed that profit for the quarter increased 27% while earnings per share grew 27%.
With the inclusion of its SeaStar acquisition, operating profit (EBIT) increased 53%. This represents a margin of 14.4% (12.1%). Excluding SeaStar, EBIT increased by 26%. SeaStar is a global supplier to the marine industry.
“Dometic had a positive start to the year, with our efficiency and pricing initiatives beginning to generate results,” stated Juan Vargues President and CEO. “Sales were strong, despite fewer working days due to Easter and cold weather in Americas and EMEA. Our short-term priorities are to improve margins through further efficiency gains, compensate the commodity cost increases through pricing, focus on cash flow and deleveraging.
“Strategically, we are currently emphasizing three areas, growth, innovation and competitive cost base,” he continued. “We have initiated a number of activities to support further growth and improved profitability. During the quarter we appointed a new CTO; an important step as part of our ambition to improve process ownership and increase speed and efficiency in product development and innovation.”
Vargues noted that “the outlook for our combined businesses remains positive with an estimated organic growth in line with our target of 5%.”