Oct 20 (Reuters) – Swedish garden equipment and tools maker Husqvarna (HUSQb.ST) reported third-quarter revenue below market expectations on Friday, citing lower demand and weaker market conditions, and said it will cut about 300 more jobs as part of a cost-cutting programme.

The world’s biggest maker of gardening power tools posted revenue of 10.51 billion crowns ($959.20 million) for the quarter, below the LSEG estimate of 11.72 billion crowns and down from 12.21 billion crowns a year earlier.

Husqvarna said market and demand weakening accelerated during the quarter, resulting in a net sales decrease of 15% organically.

The company also traditionally faces a seasonally weaker third quarter, as it marks the end of gardening season in Europe and North America, where it makes most of its revenue.

In October 2022, Husqvarna said it would cut 1,000 jobs as part of its restructuring programme, as it looked to cut back its low-margin offering of petrol-powered consumer products and invest in robotic mowers, batteries, watering solutions and professional products.

The company expects the programme to be fully implemented by 2025 and now targets savings of 1.2 billion crowns from 800 million crowns previously.

($1 = 10.9570 Swedish crowns)

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