Fluidra reached about sales of 1,637 million euros in the first nine months of 2024, equivalent to a year-on-year increase of 1%, as reported by the company in a statement sent to the National Securities Market Commission (CNMV). In this way, the pool manufacturer get back on the path of growth thanks to the solidity of sales, driven by increased volumes, after a chain of several quarters with income losses.
Between January and September, the ebitda (operating result) was 386 million euros, with a margin of 23.6%. This figure represents an increase of 5.6% despite inflation in operating expenses.
“This was due to the strong expansion of the gross margin, driven by the Simplification Program, together with positive geographic mix effects and lower raw material costs,” according to the listed company.
The net cash profit reached 194 million euros, 8% more, while the net profit stood at 123 million euros, an increase of 14%. Cash generation reduced net debt by 161 million euros. At the end of September, the net debt to EBITDA ratio stood at 2.3 times, 0.6 times less than the previous year.
In the third quarter, sales increased in all regionswith Europe growing for the first time since the beginning of 2022. Specifically, Southern Europe grew by 6.4%, while the rest of Europe grew by 3.8%. North America continued to lead, with growth of 9.3%, while sales in the rest of the world increased by 6.8%.
Forecast improvement
He Simplification Program has generated accumulated cost savings of 57 million euros since its inception. The company expects to achieve more than 60 million euros in savings by the end of 2024. “The global purchasing strategy and product redesign initiatives are the main value generators this year. We are on track to achieve the planned improvement of 100 million euros at the end of the program”, explains the listed company.
As a result of these results, Fluidra has updated its forecasts for the year as a wholeraising the mid-point. The company expects sales between 2,060 and 2,100 million euros, an EBITDA between 460 and 480 million euros and a net cash profit between 1.14 and 1.20 euros per share.
“I am very pleased with our strong results in the third quarter. We have continued to execute well in a mixed demand environment. I am also delighted to welcome Jaime [el nuevo CEO]who has a great track record and extensive experience that will be key to our progress. “His deep knowledge of global industrial and consumer products, as well as his track record of driving growth and transformation, make him the ideal leader to lead us in our next phase of development,” he said. Eloi Plansexecutive president of the company.
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