Q4 2020 Carel Industries SpA Earnings Call Transcript
Good afternoon and thanks for joining our call for the presentation of 2020 full-year result. I'm starting from page 2 with the main financial highlights.
In this incredibly challenging year, we confirm the resilience of the group and its ability to seize new opportunities even in such a fast-changing and uncertain scenario. We grew our top line, we grew our profitability, and we generated an outstanding cash flow.
Revenues grew by 1.3% or 2.8% net of the foreign exchange. The positive market trend that we saw in the third quarter continued in the fourth quarter. Throughout the year, we had a very good performance in data centers, hospitals, heat pumps, food retail. In the fourth quarter, we saw an improvement in all geographies and in most applications, so we started to see a recovery also in the most challenged applications in the first part of the year like, for example, automotive and food service.
This is particularly remarkable if we consider that we faced in the first half of the year the temporary shutdown of more than 60%
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