Legrand : Q3 2022 results in line, but with negative volumes, which is disappointing
>Negative volumes in Q3 - Yesterday morning, Legrand reported 9M 2022 figures in line with expectations (see our Flash). However, the organic growth mix turned out to be disappointing in Q3. Indeed, the increase in l-f-l sales was 8.4%, broken down into a -2.9% volume effect and an 11.3% price effect. Volumes were +3.4% in Q1 and +0.3% in Q2.The adjusted EBIT margin declined by 120bp to 20.2% over nine months. FCF was € 617m, down 20.3%, impacted by hig...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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