Q2 2024 Fluidra SA Earnings Call Transcript
Key Points
- Fluidra SA (FLUIF) reported a strong first half performance, in line with expectations, with sequential sales improvement across all regions.
- North America delivered a remarkable performance with a 7% increase in sales in the second quarter.
- The Simplification Program contributed to a strong expansion in gross margin and excellent cash generation.
- Net debt levels were reduced, and the company achieved significant progress in working capital management.
- Fluidra SA (FLUIF) remains confident in delivering its full-year 2024 guidance, maintaining the midpoint while narrowing the range.
- Sales in Europe were affected by wet weather and a sluggish macro environment, leading to a decline in some key countries.
- Operating expenses increased by 7%, driven by inflation in labor costs and continued investment in digitalization and R&D.
- Sales declined by 1% year-on-year to EUR 1,171 million in the first half, reflecting some demand weakness in new construction and remodel.
- The commercial pool segment saw a slight organic decline of 1% in Q2, impacted by timing and macro uncertainties in EMEA.
- The company faces ongoing inflationary pressures in OpEx, which partially offset the improvements in gross margin.
Good morning, and welcome to our first half 2024 results call. I am Clara Valera, Strategy, Investor Relations and M&A, Senior Director. Joining me today on this call is our Executive Chairman, Eloy Planes; our outgoing CEO, Bruce Brooks; and Xavier Tintore, our CFO. They will walk you through a few slides on our results and then they will be available to take your questions.
I'm also pleased to have on the call Jaime Ramirez, Fluidra's new CEO, who joined us on 1 June. You can follow this presentation in its original English version or in Spanish, please select your preferred option in the drop-down menu at the bottom right-hand side of your screen. (Event Instructions)
Please register to receive dial-in in details. After the registration process, you will need to press star five on your telephone keypad to ask your question. The presentation is accessible via our website, fluidra.com and has also been uploaded to the Stock Exchange Commission this morning. A replay of today's presentation will be
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