Legrand: H1 earnings down 31.2%
(CercleFinance.com) - Legrand has announced H1 2020 net income (group share) of 285.
7 million euros, down 31.2%, with a 25% fall in adjusted operating income to 496.9 million euros, or 17.5% of sales, meaning a 3-point fall in its margin.
"This good resistance reflects in particular the immediate roll-out of initiatives, some one-off, to protect Group profitability," said Benoît Coquart, CEO of the electrical equipment supplier.
Sales came in at 2,832.6 million euros, down 12.2% y-o-y, with an organic decline of 15.2%, down in mature countries (-14.3%), as well as in new economies (-17.8%).
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