Legrand keeps targets on acquisition boost
PARIS, July 27
PARIS, July 27 (Reuters) - French electrical fittings and switches maker Legrand confirmed its full-year targets on Friday after acquisitions helped sales rise 5.5 percent in the first half of the year.
Adjusted operating income rose 3.1 percent to 456.5 million euros ($561.49 million) during the period, Legrand said. Sales were 2.22 billion. Free cash flow rose 17 percent to 216.2 million.
"Expansion in new economies - where organic growth was over 5 percent - combined with a rise in sales in the United States offset trends observed in most mature economies in Europe," Chief Executive Gilles Schnepp said in a statement.
Legrand confirmed that it sees flat full-year organic sales and an adjusted operating margin equaling or exceeding 19 percent of sales including acquisitions. ($1 = 0.8130 euros) (Reporting by James Regan; Editing by Christian Plumb)
- Alabama man gets $1,000 in police settlement, his lawyers get $459,000
- Doctor with Ebola in Manhattan hospital after return from Guinea |
- Exclusive: Charred tanks in Ukraine point to Russian involvement
- Ground offensive against Islamic State months away in Iraq: U.S.
- Stress tests, Ebola cool global stocks after best week of year