Legrand keeps targets on acquisition boost
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)