Imerys : A better-than-expected Q1 to start the year of the rat
>Operating profit 40% higher than our forecast - Q1 2020 operating profit came in at € 82.6m (-24.7%) vs Oddo BHF forecast of € 59m (40% higher). In Q1, the drop in operating profit was mainly hit by the drop in volumes (-€ 48m), half of which was due to COVID-19, the price-mix effect (€ 9m), fixed-variable costs (€ 10m) and forex (€ 3m). Margins came in at 8.0%, down 170bp in Q1 after 420bp in Q4 2019 and -180bp in Q3. A welcome performance in the current context. T...Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).
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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