July 17, 2018 / 6:29 AM / a month ago

Husqvarna Q2 lags expectations, to dissolve Consumer Brands unit

STOCKHOLM, July 17 (Reuters) - Husqvarna, the world’s biggest maker of outdoor power tools such as lawn mowers and trimmers, posted on Tuesday an unexpected drop in operating profit for it’s most important quarter as its Consumer Brands unit swung into a loss.

Husqvarna said it would reduce Consumer Brands in size by exiting some segments and drop some brands, and fold the division’s remaining parts into its Husqvarna and Gardena divisions.

Second-quarter group operating profit was 1.93 billion Swedish crowns ($219.1 million), against a year-ago 2.00 billion and a mean forecast in a Reuters poll of analysts for 2.11 billion.

Husqvarna does bulk its business towards the end of the first quarter and in the second - ahead of and during peak gardening season.

$1 = 8.8075 Swedish crowns Reporting by Anna Ringstrom

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