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Amer Sports earnings hit by currency swings

Amer Sports Q3 sales growth hit by currency fluctuations, profits down slightly

Amer Sports earnings hit by currency swings

HELSINKI (AP) -- Sports equipment maker Amer Sports Corp., whose brands include Atomic, Salomon and Wilson, saw third-quarter earnings fall slightly to 54.8 million euros ($75.46 million) in a "challenging" climate that included big swings in some markets' currencies.

The Helsinki-based company says net profit dipped from 56 million euros a year earlier as exchange rates fell in some countries. That pinches sales and translates to lower revenue when counted in euros. Overall revenue was 608.9 million euros, up from 601.9 million euros.

Amer expects this year to meet its long-term annual sales growth target of 5 percent, but cautioned "the trading climate (would) remain challenging."

CEO Heikki Takala said Thursday that Amer "continues executing with confidence."

The company's shares were down 1.5 percent at 14.90 euros in afternoon trading in Helsinki.

Updated : 2021-05-17 08:27 GMT+08:00