Source : EuropeanMarkets
Gilles Schnepp, Chairman and CEO of Legrand, commented :
"Legrand sales in the first nine months of 2015 came to nearly €3.6 bn, up +7.1% in total, with the United States/Canada region in particular reporting a +32.1% total rise in sales. Consolidated sales benefited from a favorable exchange-rate effect of +5.7% and a broader scope of consolidation resulting from acquisitions that contributed +0.9%.
Adjusted operating income came to €700.9 million in the first nine months of 2015, up +6.1% from the same period of 2014. This reflects the group’s value creation, driven in particular by strong growth in results in the United States/Canada region. Adjusted operating margin before acquisitions came to 19.8% of sales (19.7% after acquisitions). Facing business environments that remain highly differentiated from one country to the next, Legrand is continuing its initiatives to improve productivity and adapt where necessary.
Net income excluding minorities rose +4.9% to €416.2 million in the first nine months of 2015, or 11.7% of sales.
Over the same period, generation of normalized free cash flow stood at 13.5% of sales, in keeping with the group’s ambition of recording normalized free cash flow at between 12% and 13% of sales on an annual basis. This solid performance illustrates once again the group’s capacity to generate free cash flow over the long term."
2015 targets confirmed and specified :
Legrand confirms its 2015 target for organic change in sales and is now aiming for “between -1% and +1%”.
Legrand also confirms its 2015 target for adjusted operating margin before acquisitions and is now aiming for “at least 19.0%”.
Legrand will also pursue its strategy of value-creating acquisitions.
Source : Press Release Legrand AG, Limoges (France), November 05, 2015
