Corticeira : Higher margin in core units offsets top-line weakness and expands EPS growth
>Weaker sales on flattish volumes, cork stoppers outperform smaller divisions - Corticeira’s Q1 2023 results slightly beat our operating results estimates (EBITDA +6.4%, +8.6% y-o-y) despite lower-than-expected revenues (-5.5%, -1.4% y-o-y). Weaker sales are fully attributable to the lower contribution of the floor & wall covering (-33% y-o-y) and cork composite (-6.3% y-o-y) businesses while the combined raw materials and cork stoppers segments grew in line with est...Corticeira Amorim, S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged in the production, sale and distribution of cork products, including natural and agglomerated cork stoppers for the wine industry; cork stoppers and other components for the sparkling wines, spirits and champagne industry; cork plank and other products resulting from the processing of cork and used in other segments of the cork industry; floor and wall coverings; composition and granulated corks with several technical and industrial applications; cork with rubber; and expanded pure agglomerated and regranulated corks for technical, acoustic and vibration insulation.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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