Bic : A relatively satisfactory Q3 but a decline in margins which remains strong in Q3 (-150bp)
>A satisfactory Q3: Underlying operating profit of € 76.8m vs € 71.4m est. (consensus € 74.4m) - Bic reported robust Q3 earnings marked by: a sales increase of +1.2% to € 477.5m, i.e. slightly higher than our forecast (€ 464.5m) and the consensus estimate (€ 470.2m). The difference with our estimates is explained by stronger organic growth than our forecast (+5.2% vs +4.0% estimated) which confirms the group's estimates of a sales rebound in Q3 (reminder H1 2018:...Societe BIC designs, manufactures and distributes the following consumer products: stationery products, lighters, shavers, and other products. Its stationery products include writing instruments such as ball pens, felt pens, mechanical pencils; marking instruments; coloring and drawing instruments; correction instruments and glues. Co.'s stationery products are sold under the BIC® Kids, Tipp-Ex®, Wite-Out®, Sheaffer® and PIMACO® brands. Its other products segment includes promotional products including notebooks, key rings, magnets, and drinkware; Sport sales (surfboards, windsurf boards, kayaks and sailboats); adhesive labels and adhesive raw materials.
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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