Rexel released its second-quarter and half-year 2015 results Thursday. The France-based distributor reported a second-quarter net loss of €19.2 million ($21 million), compared to a net income of €47.3 million in 2014.
“In the second quarter, our profitability improved sequentially, despite a slowdown in organic sales, which was strongly impacted by a drop in demand of more than 30% in the Oil & Gas segment, representing around 10% of our total sales in North America,” said Chairman of the Management Board and CEO Rudy Provoost.
Net income from continuing operations dropped to 20.0 million euros from 67.6 million euros in 2014.
Quarterly sales were 3.424 billion euros, up 8.4% on a reported basis and down 1.6% on a constant and same-day basis. Excluding the 0.2% positive impact due to the change in copper-based cable prices, sales were down 1.8% on a constant and same-day basis.
Rexel now expects to be at the low end of its full-year guidance for sales and profitability: Organic sales decline of a maximum of 2% (on a constant and same-day basis and vs. February guidance of “Organic sales growth of between -2% and +2%”).
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