Rexel released it’s first quarter 2017 results Friday.
The reports shows growth in sales and improved profitability, along with a return to organic sales growth in the U.S. Additionally, the full-year financial targets have been confirmed.
With sales of €3,323m ($3.62 billion), the company posted an increase of 5.1 percent on a reported basis. This includes organic growth of 4.8 percent, as well sales up 0.6 percent, including:
- Europe: +1.2 percent
- North America: +1.2 percent, supported by a return to growth in the US (+2.1 percent)
- Asia-Pacific: -4.8 percent, due to a sharp 33.6 percent drop in SE Asia, while China was up 2.0 percent and Australia up 0.8 percent
An adjusted EBITA of €135m ($147 million) is up 9.3 percent, along with net income, up 62 percent.
Full-year financial targets confirmed
Patrick Berard, CEO, stated “Rexel’s first-quarter performance was in line with our expectations.
Two elements are to be noted in our past quarter’s performance: For the first time in several quarters, we posted organic sales growth on a constant and same-day basis with a simultaneous improvement in profitability. In addition, our sales in the United States returned to growth after seven consecutive quarters of organic decline on a constant and same-day basis.
These results confirm that the measures we are taking to revitalize organic growth and improve profitability are starting to show results.
We confirm our financial targets for the full year, as announced on February 13.”
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