PZ CUSSONS PLC - Earnings improve q/q but remain lower y/y
​Tracking historical performance, Q3 came in stronger than the preceding quarters though y/y revenue remained lower. Nonetheless, the 9M revenue performance which was down 4% y/y beat our estimate by 3% as we may have been overly bearish following statements by parent company, PZ Cussons UK, that it expected the seasonally stronger second half for the Electricals segment to be significantly lower if current economic conditions persisted.
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