Swedish Chainsaw Massacre Hits Husqvarna
- Shares fall the most since Husqvarna was listed in June 2006
- Company to restructure Consumer Brands Division, exit segments
Photographer: Krisztian Bocsi/Bloomberg
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Husqvarna AB sank the most in its 12 years on Sweden’s stock exchange after the maker of lawnmowers and chainsaws reported earnings that fell far short of market expectations.
The stock dropped as much as 18 percent, with the decline pushing it to the bottom of the Stoxx 600 Europe index on Tuesday. Husqvarna said operating profit fell 3.8 percent in the second quarter to 1.93 billion kronor ($219 million), missing even the lowest analyst estimate.