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Indesit Q2 Profits Lower on Restructuring Costs
Aug 1, 2006
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Milan, Italy-based appliance maker Indesit Company said sales in its second quarter of 2006 were 768 million euros (approx. U.S. $980 million), an increase of up 3.9 percent. EBIT (earnings before interest, taxes) before restructuring costs were 37 million euros (approx. $47 million), up 15.5 percent. Net profit was 7 million euros (approx. $8.9 million), down 11.9 percent, which Indesit said was due to restructuring costs equal to 11 million euros (approx. $14 million), up 60.7 percent.

For the first half of 2006, sales were 1.464 billion euros (approx. $1.868 billion), up 5.1 percent, EBIT before restructuring costs was 73 million euros (approx. $93 million), up 16.1 percent, net profit was 19 million euros (approx. $24 million), up 0.5 percent.

Indesit said its market share continues to climb, growing 0.4 percent in the second quarter f the year.

“The positive sales trend in the second quarter has significantly improved our operating margin,” said Indesit CEO Marco Milani. “The increase in sales was general, ranging from 1.3 percent in West Europe to 9.6 percent in East Europe. Overall, Indesit Company saw growth in excess of the market average. In the United Kingdom, which is particularly significant for the company, the trend was reversed and is now positive again. There was also an increase in extraordinary charges arising from our industrial plan, which is proceeding on schedule. Tight control of general expenses, production efficiency and successful product launches in the last quarter have helped along the virtuous circle initiated in October 2005 with the presentation of the 3-year plan."

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