Campari: margins miss; euro could weigh further.
(CercleFinance.com) - Campari's growth beat expectations in the first half, although its margins fell short of expectations, with the Italian spirits maker warning that a stronger euro may weigh on its results over the second half of the year.
Campari, whose shares fell over 4% after results were unveiled on Thursday, said sales rose 13.5% to 844.7 million euros over the first six months, with organic growth reaching 6.8%.
Group net profit amounted to 108.6 million euros, compared to 67.2 million euros in the first six months of 2016, representing a 61.7% rise.
However, Liberum analysts point out that adjusted EBIT margin missed the consensus, mainly because of distribution efforts.
Campari also explained that the strengthening of the euro against the dollar may have a more adverse impact in the second half of the year.
The shares are currently down 4.7% at six euros in Milan after these results.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Campari, whose shares fell over 4% after results were unveiled on Thursday, said sales rose 13.5% to 844.7 million euros over the first six months, with organic growth reaching 6.8%.
Group net profit amounted to 108.6 million euros, compared to 67.2 million euros in the first six months of 2016, representing a 61.7% rise.
However, Liberum analysts point out that adjusted EBIT margin missed the consensus, mainly because of distribution efforts.
Campari also explained that the strengthening of the euro against the dollar may have a more adverse impact in the second half of the year.
The shares are currently down 4.7% at six euros in Milan after these results.
Copyright (c) 2017 CercleFinance.com. All rights reserved.