Legrand Q1 Report 2024
In the first quarter of 2024, the level of profitability of the Group once again demonstrates Legrand’s ability to protect its margins in a context of declining sales, thanks to its intact pricing power and solid cost control.
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“Our first quarter results for 2024 are in line with our expectations in terms of both revenue and margins, as well as free cash flow. In Q1, the building market that represents approximately 80% of Legrand’s revenue experienced a marked slowdown across most geographies, as expected. Against this backdrop, our limited decline in revenue and the resilience of our margins and free cash flow highlight the strength of our business model, the solidity of our market positions, and the execution capabilities of our teams.
In this context, we are continuing with our strategic investments in order to fully benefit from our markets’ recovery.
Highlights
- Sales: -5.6%, i.e. -3.7% excluding exchange rates and Russia
- Adjusted operating margin: 20.5% of sales
- Net profit attributable to the Group: 13.6% of sales
- 3 acquisitions announced since the beginning of the year