Rapala VMC Oyj Maintains FY 2012 Net Sales Guidance; Lowers Q4 2012 and FY 2012 Operating Profit Guidance
Rapala VMC Oyj announced that its fiscal year 2012 net sales will exceed EUR 290 million and increase approximately 4% from fiscal year 2011. The Company also announced that its comparable operating profit for the fourth quarter of fiscal year 2012 and thereby for fiscal year 2012 will be lower than expected, caused especially by weaker profitability in December 2012. The Group's fourth quarter of fiscal year 2012 profitability is burdened by slower than expected start of the new ice fishing business in the United States impacted by late winter, inventory cleaning initiatives, ramp-up costs of the new manufacturing units in Indonesia as well as negative mark-to-market impact of unrealized currency derivatives. The Company now expects to report fiscal year 2012 comparable operating profit margin of approximately 9%. Previously, the Company expected to report fiscal year 2012 net sales increased from fiscal year 2011 and fiscal year 2012 comparable operating profit to remain close to fiscal year 2011 level.
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