REDDITCH, England, May 8, 2024 /PRNewswire/ -- FIRST QUARTER 2024 Net sales: MSEK 1,003 (1,127) - down -11% year-on-year with no major foreign exchange movements. Compared to Q4 2023 sales are up +9% in constant currency. Operating income: Operating income was MSEK 137 (181) generating an Operating margin of 13.7% (16.1), up +1.6% from Operating margin before items affecting comparability of 12.1% reported in Q4 2023. Net income for the period: MSEK 100 (121); basic EPS of SEK 2.69 (3.18). Cash flow from operating activities: Cash flow from operating activities was MSEK 43 (89) with a profit to cash conversion ratio of 29% (61). Group's net debt: MSEK 698 (865); gearing ratio of 30% (39). Loan repayments of MSEK 187 in the quarter. President and CEO, Martin Kunz, comments on the Q1 2024 Interim Report.Reduced operational costs and stabilised customer orders improved the Q1 Operating margin compared to the fourth quarter of 2023. Additionally, strong e-product sales contributed positively to the financial performance in this quarter. Financial Performance Our Group's reported net sales for the quarter were MSEK 1,003 (1,127), down by 11% year-on-year and our Operating income was MSEK 137 (181), resulting in an Operating margin of 13.7% (16.1). Our customer's de-stocking activities diminished as we progressed through the first quarter of 2024, whilst the underlying market remained weak across most of our end-markets. All of our geographical regions, most notably our European and North American markets are weaker year-on-year by -15% and -9% respectively. However, sales of e-products ...