PARIS — Rexel S.A. today reported its first-quarter 2022 sales and financial results.
“Rexel’s strong start to the year demonstrates that we continue to benefit from solid underlying demand and electrification trends, which should accelerate in the current environment. It also highlights our ability to transform supply chain tensions into an opportunity to help customers navigate product shortages, while ensuring pass-through of supplier price increases. In this context, notwithstanding the current geopolitical and economic uncertainties, we are confident that we will achieve our 2022 objectives. We will present our medium-term roadmap at our Capital Market Day on June 16,” said Guillaume Texier, CEO of Rexel.
HIGHLIGHTS (download full report here):
- Strong start to the year with sales up +16.0%, driven by strong inflation and positive volumes
- Volumes continue to improve in Europe and North America despite continued product availability challenges
- Backlogs increasing in our main countries on sustained demand, acceleration in electrification trends and supply chain tensions
→ Sales of €4,377.4m [USD $4,747.73] in Q1 2022, up 16.0% on a same-day basis
- Positive trends in all geographies, confirming increasing demand for electrical products and the key role of distributors in the energy transition
- Growth supported by both volume increase (283bps contribution) and high selling prices (405bps contribution in cable and 910bps in non-cable products)
- Acceleration in North America, up 21.6%, driven by both volume recovery and further price increases
- High selling price increases in Q1 2022. Pricing contribution from carryover effect expected to ease in coming quarters on difficult base effects on both cable and non-cable products
→ Sales up 19.1% on an actual-day basis, benefiting from a favorable calendar effect (+3.1%) largely due to specific US accounting rules (reversal expected in Q4 22)
→ Continued supply chain tensions and resource scarcity, further impacted by the lockdown in China
→ Digital revenue in Q1 2022 represented 23.6% of total sales, up 177bps and 25.5% excluding Mayer, up 201bps
→ Q1 2022 also marked by the disposal of our Russian business
→ FY 2022 guidance confirmed, in a context of growing geopolitical and macroeconomic uncertainties
Tagged with financial results, Rexel