After issuing profit warnings twice this year (the last on 7 October), Rexel reported Q3 results were in line and it was reassuring that it maintained guidance (FY15 organic sales decline of 2-3% and EBITA margin of 4.3%-4.5%). Favourable FX helped 3.7% growth in revenue to €3.4bn while constant and same day revenue was down 3.3% (H1: -1%; 9M: -1.8% vs. our estimate of -4.2% for FY15). Despite an organic sales decline on the back of the challenging construction sector in most European ma
02 Nov 2015
Margins seem to be bottoming-out; management delivers US gross margin improvement
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Margins seem to be bottoming-out; management delivers US gross margin improvement
Rexel SA (RXL:PAR) | 0 0 (-0.6%) | Mkt Cap: 4,449m
- Published:
02 Nov 2015 -
Author:
Vibha Issar -
Pages:
2
After issuing profit warnings twice this year (the last on 7 October), Rexel reported Q3 results were in line and it was reassuring that it maintained guidance (FY15 organic sales decline of 2-3% and EBITA margin of 4.3%-4.5%). Favourable FX helped 3.7% growth in revenue to €3.4bn while constant and same day revenue was down 3.3% (H1: -1%; 9M: -1.8% vs. our estimate of -4.2% for FY15). Despite an organic sales decline on the back of the challenging construction sector in most European ma