Fluidra Achieves Sales of €527 Million and EBITDA of €118 Million in the First Quarter
2024年5月8日 - 3:57PM
ビジネスワイヤ(英語)
- Performance in line with expectations in a quarter with less
trading days. Fluidra is confident in the full year
delivery
- Simplification Program together with geographic and product
mix drive strong gross margin expansion
- General Shareholders' Meeting to be held today – Fluidra
proposes the distribution of a dividend of €0.55 per share and the
appointment of Olatz Urroz García as an independent
director
Fluidra, the global leader in equipment and connected solutions
in the pool and wellness sector, achieved sales of €527 million in
the first quarter of 2024, down nearly 5% compared to the same
period last year. Sales met management expectations, with volumes
lower driven by fewer trading days in the quarter and an early
Easter.
EBITDA amounted to €118 million, an increase in EBITDA margin to
22.4%, reflecting the effect of lower sales, but also the expansion
of gross margin driven by geographic and product mix and the
contribution of cost saving initiatives that Fluidra has
implemented as part of its Simplification Program.
Cash Net Profit reached €59 million and was broadly stable with
net profit standing at €37 million. The company continues to focus
on cash generation.
Regional dynamics remain unchanged with North America having a
stronger quarter than Europe. Commercial Pool sales continue to
grow strongly.
After delivering over €30 million of savings in 2023, the
Simplification Program has already generated €6 million in the
first quarter of the year. It is expected to achieve an additional
€30 million of savings in 2024, mainly due to global strategic
procurement efforts and product design to value initiatives.
Between 2023 and 2025 the program will deliver in total €100
million EBITDA improvement by focusing on gross margin enhancement
and fixed cost reduction.
Maintaining guidance
Fluidra is maintaining its full year 2024 guidance. The company
expects 2024 sales between €2,000 and 2,150 million, EBITDA between
€440 and 490 million and Cash EPS between €1.07 and 1.25 per
share.
Eloi Planes, Fluidra’s Executive Chairman, said: “I am pleased
with the results presented today. With this performance and
positive trading in April we are well positioned to deliver on our
full year guidance.
“We are structurally strengthening our Group, expanding our
margins and improving efficiency sustainably. With our customer
centric approach, innovative product offering, broad geographic
footprint and leadership in connected and sustainable pools, we are
confident in our future and our ability to create value for our
stakeholders.”
General Shareholders' Meeting
Fluidra has proposed to the General Shareholders' Meeting the
distribution of a dividend of €0.55 per share charged to the
results of 2023. This proposal implies a 50% payout of 2023 Cash
Net Profit. The total payout, subject to approval by the General
Shareholders' Meeting to be held later today, will amount to up to
€106 million. If approved, Fluidra will make a first payment of
€0.30 per share on 3 July and another payment of €0.25 per share on
3 December 2024.
In addition, Fluidra's Board of Directors has also proposed
Olatz Urroz García as an independent director and the re-election
of Esther Berrozpe and Brian McDonald as independent directors of
the company.
Alternative performance measures (APMs)
Fluidra’s financial statements are prepared according to IFRS
and other applicable regulation. The financial information in this
document also includes Alternative Performance Measures (‘APMs’).
For further details, please visit the following link.
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