Q1 2021 Carel Industries SpA Earnings Call Transcript
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Carel 2021 first-quarter results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Engineer Francesco Nalini, Chief Executive Officer of Carel. Please go ahead, sir.
Thank you. Good afternoon, everybody, and thanks for joining our call for the presentation of the first-quarter 2021 results. As usual, I'm starting from page 2 with the main highlight.
We are delighted to report in this first quarter of 2021 the highest quarterly organic growth rate ever reached by the group in the last 10 years. This is both compared to the first quarter of 2020 as well as compared to the first quarter of 2019 since, in the first quarter of 2020, our sales results were basically in line with the previous year. So revenues grew by 24% in the period compared to the first quarter of 2019 or 26.9%, excluding the foreign exchange effect.
We had an acceleration in
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