LIMOGES, France — Legrand today reported a solid first quarter, with sales up 9.0% and very robust growth in results and cash generation.
HIGHLIGHTS:
- Sales: +9.0% including +7.4% organic growth
- Adjusted operating margin: 22.2% of sales
- Rise in net earnings per share: +28.1%
- Free cash flow: €331.5 million, 15.4% of sales
- 2023 full-year targets unchanged
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“Legrand delivered very strong results in the first quarter, with growth in both sales and earnings, and solid cash generation as well.
This good start of the year confirms the relevance of our growth model, powered by innovation, investment in faster expanding segments such as energy efficiency, connected products and datacenters (each reported robust growth on the quarter) – and bolt-on acquisitions.
It also demonstrates the Group’s resilience power in an uncertain, ever-changing environment, notably marked by weaknesses on residential markets in several geographies, with adjusted operating margin at 22.2% (22.6% before acquisitions and Russia), free cash flow at a robust €331.5 million, net profit representing 15.4% of sales, and net earnings per share up 28.1% for the quarter.”
Read the full earnings report here.
Tagged with financial results, Legrand