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Amplifon closed the first three months of the year with an increase in profitability (Ebitda on revenues) of 100 basis points compared to the same period last year (at 23.9%, for 136.8 million), driven by the good momentum of EMEA market (although normalizing) and by growth in other geographical areas. Positive start also for revenues, up 8.8% at constant exchange rates. International expansion continues (over 150 points of sale acquired in three months). For the rest of the year, the company confirms the outlook and expects high-single digit revenue growth, supported by organic growth and acquisitions (with a contribution of at least 2%), while the Ebitda margin on a recurring basis should exceed 24.6%, also thanks to productivity improvement actions. «In the first quarter – explains the CEO of Amplifon, Enrico Vita – we achieved a strong increase in revenues and record profitability thanks above all to the solid performance in Europe in a market undergoing normalization, to the continuous growth in the Americas and Asia Pacific and the effectiveness of the productivity improvement actions launched in the second half of last year”. This trend also continued in April: the company reports having recorded high-teens growth in revenues at constant exchange rates, also due to the early Easter in March. «We continue to grow more than the reference market and at the same time, we are accelerating the pace of bolt-on acquisitions, adds Vita -: we are confident that we will be able to continue this path throughout 2024».
In detail, in the first three months the group generated revenues of 573.1 million: +8.8% at constant exchange rates and +6.1% at current exchange rates compared to the first quarter of 2023, thanks to organic growth of 5.6 %, higher than the reference market; the contribution of the acquisitions, carried out in France, Germany, the United States, Uruguay and China, was 3.2%: the total investment was 70 million euros. Recurring Ebitda was 136.8 million (+10.7% compared to the first quarter of 2023): the incidence on revenues was 23.9%, with a record increase of 100 basis points compared to the same period of 2023. Looking at the individual markets, in EMEA the incidence grew by 130 basis points (376.1 million revenues +4.5% on the corresponding period of last year), while in the Americas there was a decline, from 24.6% to 23.7%, against a turnover that grew by 9.9% to 110.8 million; finally, in Asia-Pacific, the Ebitda margin was 28.1%, compared to 86.2 million in revenues. The net result was 35.7 million, the free cash flow was 37.2 million, the net financial debt reached 883.3 million.
As mentioned, the outlook for the current year has been confirmed. «During the first three months of the year, demand from the hearing care market in the United States remained strong – explains the company – while the European market is moving towards progressive normalization and returning to slightly positive territory, confirming expectations of the company for the whole of 2024″.
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G7, close to an agreement for decarbonization before 2030
The ministers of G7the main Western powers meeting until this Tuesday in Italy, are about to reach an agreement on the closure of their coal plants “throughout the first half of the 2030s.”
The G7 is made up of the United States, Canada, the United Kingdom, France, Germany, Japan and Italy. The northern Italian city of Turin hosts the first major political meeting on climate since COP28 in December in Dubaiwhere participants committed to progressively give up coal, gas and oil.
Coal is the most polluting fossil energy and environmental activists urged the G7 to show by example.
In a draft, the group calls for “phasing out current coal-fired electricity production in our energy systems over the first half of the 2030s” or within a timeframe compatible with maintaining a temperature rise limit. of 1.5 °C, according to a European source.
The two days of discussions in Turin are due to end on Tuesday with the publication of a joint statement.
A precise timetable would be welcomed as an important step. Some countries, such as France, are campaigning for the G7 to abandon coal before 2030, But Japan, where a third of electricity comes from coal, is reluctant to set a deadline.
The countries of G7 represent 28% of the world economy and are responsible for 21% of greenhouse gas emissions, according to 2021 data from the Climate Analysis Institute.
The 2015 Paris Agreement set a goal of keeping warming below 2°C — 1.5°C if possible — compared to the pre-industrial era. In order to achieve this 1.5 ºC goal, the experts at the HIM They estimate that emissions must be reduced by almost half in the current decade.
The G7 will also commit to reducing plastic production to stop global pollution caused by this material, according to a draft of the final communiqué from the ministers of Environment meeting in Italy, indicated a French source.
“Plastic pollution is an important challenge that faces the three major planetary crises: climate change, the loss of biodiversity and pollution,” estimated the French Minister of Environment, Christophe Béchu.
This G7 coincides with the negotiations of delegates from 175 countries in Canada to finalize the first United Nations treaty that addresses the plastic problem. /AFP
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Air Lease Corp Quarterly Profit Lower Than Expected: Analysis of Earnings and Revenue
Information about the company Air Lease Corp AL reported a lower-than-expected quarterly profit on Monday as the company had to make higher interest payments on loans to finance aircraft purchases.
The California-based company’s results have increased in recent quarters due to the supply of aircraft from the world’s two major aircraft manufacturers, Boeing. B.A and Airbus ATTENTION limited mainly due to parts and labor shortages.
However, Air Lease’s interest payments rose 19.8 percent to $181.6 million in the first quarter as the Federal Reserve kept interest rates high to curb inflation.
As a result, earnings per share came in at 87 cents, below analysts’ average expectation of 91 cents, according to LSEG data.
Air Lease’s first-quarter revenue rose 4.3 percent to $663.3 million, but missed expectations of $677.2 million.
However, the developer remained optimistic about the demand for aircraft.
“With the tight supply of aircraft and increasing values, we are benefiting from continued fleet expansion and sales activity in a continued positive business environment. We expect this environment to continue in the short-term period to medium term,” Air Lease said in a statement.
2024-05-06 20:46:05
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Air Lease Corp Quarterly Profit Lower Than Expected: Analysis of Earnings and Revenue