Finance |05.03.2018 07:30
2018 first-quarter results
Solid performance in the first quarter of 2018
Sales: +9.6%, of which +3.9% organic growth
Adjusted operating profit: +11.9%
Net profit attributable to the Group: +17.7%
Ongoing growth initiatives
2018 targets confirmed
Benoît Coquart, Legrand Chief Executive Officer, commented:
“Solid performance in the first quarter of 2018
Organic growth in sales came to +3.9% in the first quarter of 2018. This solid performance reflects healthy rises in both mature countries (+3.2%) and new economies (+5.7%) – and more specifically, very good growth, in part one-off, recorded in Italy and in the Rest of Europe.
Taking into account the broader scope of consolidation’s significant +14.0% contribution to sales (which should reach over +7% full year) and the -7.5% foreign-exchange impact (linked primarily to the euro’s rise), total growth in Group sales was +9.6% in the first quarter of 2018.
Reflecting Legrand’s capacity to pursue its value-creating growth, adjusted operating profit rose +11.9% and adjusted operating margin before acquisitions (at 2017 scope of consolidation) stood at 20.4%, an increase of +0.7 points from the first quarter of 2017.
Net profit attributable to the Group reached €175.3 million, a +17.7% rise that reflects a good operating performance, lower financial expense, and the favorable impact of reductions in corporate tax rates in the United States...