![]() ![]() This story was translated in whole or in part from a French-language version initially published by L'Agefi-Dow Jones. Nevertheless, some sales growth in the third quarter, combined with continuing premiumization of the product mix, should allow further widening of the gross margin, Bryan Garnier analyst Loic Morvan said. The company said full-year growth will be due to first-half results, with sales growth to be limited by inventory management in the year's final quarter, and the operating margin weighed by higher spending on marketing and communication costs. Remy Chief Executive Eric Vallat said to reporters in a post-results call that existing analyst expectations of 24.7% full-year operating margin are "rather cautious." The company didn't set out any numerical guidance, but a likely figure is in a range of 40%-45% organic growth, above existing consensus, analysts at Citi said in a note after the print. It had previously guided for "strong" growth. Looking ahead, Remy said the exceptionally strong first half means it now sees "very strong" organic growth in current operating profit for fiscal 2022. ![]() Remy's first-half sales-reported last month-increased by 52% organically to EUR645.3 million.Īs well as higher volumes, the operating margin was boosted by price effects, with greater contribution from mid-range cognac brands Remy Martin Club in China and 1738 Accord Royal in the U.S., the company said. The result demonstrated impressive leverage, with the operating margin rising more than eight points to an all-time high of 33%. 30 was above consensus, which had expected EUR157 million, according to a poll of analysts provided by FactSet. Doubling on year to 212.9 million euros ($238.5 million), Remy's current operating profit for the six months to Sept. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |