Q3 2024 De' Longhi SpA Earnings Call Transcript
Key Points
- De'Longhi SpA (DELHF) reported a 14% increase in group revenue for the third quarter, driven by the consolidation of La Marzocco and strong performance in the Household business.
- The company has successfully increased operating results at a double rate of sales growth, attributed to perimeter expansion and stabilization of industrial costs.
- De'Longhi SpA (DELHF) has launched several innovative products, including the Rivelia and Magnifica Evo Next, which have received design awards and are expected to drive further growth.
- The company ended the quarter with a positive net financial position of EUR266 million, indicating strong cash flow management.
- De'Longhi SpA (DELHF) has revised its full-year guidance, raising expected topline growth to 11% to 12%, reflecting confidence in continued business expansion.
- The comfort sector experienced a negative performance in the quarter, although it had a limited impact on overall group performance.
- Eversys, part of the professional coffee segment, showed a double-digit decline due to a challenging market environment in China.
- Logistics costs remain higher than last year, although they are easing compared to the first half of the year.
- The geopolitical context poses challenges, particularly in the MEIA region, which could impact future growth.
- The company faces potential tariff risks in the US market, which could affect products sourced from China, although contingency plans are in place.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the De'Longhi third-quarter 2024 consolidated results. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Fabio de' Longhi, Chief Executive Officer of De'Longhi.
Please go ahead, sir.
' - '- -
Thank you. Good afternoon, ladies and gentlemen, and welcome to the De'Longhi Group nine months 2024 results conference call. Today, together with me are Nicola Serafin, Group General Manager; Marco Cenci, Chief Planning and Control Officer; Stefano Biella, CFO; Samuele Chiodetto Investor Relations Director and M&A Manager; and Saya Mazzucato, IR Specialist.
In the first quarter, the group revenue climbed by 14% following La Marzocco consolidation and expansion of the Household business, which recorded another strong quarterly performance, accelerating from the first
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