Dometic finished 2024 with fourth-quarter sales decreases.
President and CEO Juan Vargues said, “2024 was a difficult year impacted by restrained consumer spending and customers continuing to be cautious with their inventory levels.”
The company’s net sales declined 13% compared with the same quarter last year. Dometic cut 15% of its full-time equivalent staff compared with staffing levels from a year ago.
OEM net sales were down 18% across all segments. The decline lessened in Dometic’s Land Vehicles Americas and Marine segments compared with other segments.
Land Vehicle Americas segment sales fell 16% in 2024 from 2023 levels. In the fourth quarter of 2024, Land Vehicle Americas segment sales were down 3% from the fourth quarter of 2023.
The Mobile Cooling Solutions segment reported sales down 7% in 2024 compared with 2023. In the fourth quarter, sales were flat compared with the fourth quarter of 2023. Mobile Cooling sales accounted for 24% of Dometic’s sales in 2024, second only to the Land Vehicles EMEA segment (25%). Land Vehicles America sales represented 14% of Dometic’s 2024 sales.
Dometic restructured its global plans in December. The supplier adjusted its leadership structure to consolidate Land Vehicles segments into a Global Land Vehicles segment. The company is searching for a president over this new segment.
“Despite the challenging market conditions, and thanks to the efforts and dedication of our employees around the globe,” Vargues said, “we have continued to take several important steps on our strategic transformation journey in 2024.”
Vargues said Dometic expects to see a gradual recovery in the Service & Aftermarket and Distribution sales channels in the first half of the year.
