In a building market in retreat, Legrand recorded solid results and specifies its annual targets
Solid financial performance
Sales: +2.5%, i.e. +5.8% excluding exchange rates and Russia
Adjusted operating margin: 21.6% of sales
Rise in net earnings per share: +15.9%
Free cash flow: €1,214 million, 19.2% of sales
Dynamic external growth in buoyant segments
Acquisition of ZPE Systems in datacenters
4 acquisitions announced in 2023
2023 full-year targets specified
Sales growth (excl. FX and Russia): around +5%
Adjusted operating margin: 20.5% to 21.0% of sales before acquisitions and Russia
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“The first nine months of the year have confirmed trends observed in the first half, with an overall building market in retreat. Despite this unfavorable context, Legrand has recorded very strong results with revenue up +2.5%, driven by organic growth of +3.7%..."