Legrand SA GAAP EPS of €1.24, revenue of €2.15B; 2023 full-year targets unchanged

May 04, 2023 1:52 AM ETLegrand SA (LGRDY), LGRVFBy: Meghavi Singh, SA News Editor

Legrand SA press release (OTCPK:LGRDY): Q1 GAAP EPS of €1.24.
Revenue of €2.15B (+9.1% Y/Y).
Organic growth in sales was +7.4% for the quarter, including +5.6% in mature countries and +12.9% in new economies.
Free cash flow came to 15.4% of sales over the period at a total of €331.5 million.
Normalized free cash flow was up +22.4% at 18.1% of sales.
The ratio of net debt to EBITDA stood at 1.2 on March 31, 2023. Legrand Group has a cash position of €2,498.6 million and the maturity of gross debt - above 90% in fixed-rate instruments - is 4.4 years.
2023 full-year targets unchanged: In 2023, the Group is pursuing its profitable and responsible development laid out in its strategic roadmap.Legrand has set the following full-year targets for 2023: - sales growth at constant exchange rates of between +2% and +6%, including a scope of consolidation effect of around +3%; - an adjusted operating margin before acquisitions (at 2022 scope of consolidation, excluding Russia and related impacts) of around 20% of sales; - at least 100% CSR achievement rate for the second year of its 2022-2024 roadmap.