July 8, 2020 / 1:03 PM / a month ago

Husqvarna's second-quarter profit edges up as sales fall less than expected

STOCKHOLM (Reuters) - Husqvarna (HUSQb.ST), the world’s biggest maker of gardening power tools, saw a rise in second-quarter operating profit as turnover fell less than expected, it said on Wednesday.

Operating profit rose to 2.19 billion Swedish crowns ($237.1 million) from 2.13 billion a year earlier, as sales fell 2% to 13.5 billion, preliminary results showed.

The global leader in robotic lawn mowers and garden watering systems had on June 8 predicted a 10% sales drop.

“After a challenging start to the quarter, demand accelerated quickly as markets gradually reopened and consumers showed a high interest in lawn and garden care equipment, especially for watering products,” CEO Henric Andersson said.

“The effects of temporary cost avoidance activities and a favourable product mix improved our operating margin,” he added in a statement.

Husqvarna’s shares were up 2% at 1305 GMT, taking a year-to-date rise to 5%. The group will publish full quarterly earnings on July 16.

Reporting by Anna Ringstrom; Editing by Jason Neely and Mark Potter

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