Economy

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 said Thursday that 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 in local currencies and that its earnings margin would improve from 2012. However, it cautioned that the trading climate would "remain challenging" during the rest of the year.

The company's share price closed down 2 percent at 14.84 euros on the Helsinki Stock Exchange. Amer's biggest sector — winter and outdoor equipment — saw its third-quarter sales rise 7 percent to 420 million euros.

CEO Heikki Takala said he was "overall pleased" with the progress. "We stay the course and continue executing with confidence," he said. Amer, whose largest markets are in the United States, Germany, France and Japan, employs some 7,000 people worldwide.

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