Legrand : H2 reflects opposite trends to H1, with better volumes and margin erosion
>Q2 surprised with its low volumes… and the strength of its margins - Legrand yesterday morning reported (see our Equity Flash) interim results a shade above expectations (5% at the adjusted EBIT level).Over Q2, organic sales growth reached just 2% (consensus at 3.6%), of which -4.2% of volumes on our estimates and 6.2% of pricing. Over H1 volumes were down 2.7% and prices rose by 7.3%. The EBITA margin gained 170bp to 22.2%, underpinned by the significant differ...Legrand is a global specialist in electrical and digital building infrastructure based in France. Co. offers a full range of control-and-command, cable management, energy distribution and "Voice-Data-Image" products and systems which are suitable for the international commercial, industrial, and residential segments of the low voltage market. Co. markets its products under internationally recognized general brand names, including Legrand and Bticino. Each product group is marketed in all of Co.'s major geographic markets (France, Italy, Rest of Europe, USA/Canada and Rest of the World).
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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