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De'Longhi 9-Month Revenues Up 5%
Nov 14, 2013
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De'Longhi SpA's third quarter 2013 revenues reached EUR 367.2 million (+6.6%), from EUR 344.4 million in the third quarter of 2012.

De'Longhi, based in Treviso in northern Italy, makes kitchen appliances, such as toasters, electric kettles, fryers, and blenders, with particular strength in coffee/espresso makers. Hot beverage products sold in the United States range from a $50 coffee maker to a $3000 fully automatic coffee center capable of grinding coffee beans and dispensing hot milk for cappuccino-type drinks. It also makes beverage systems using Nespresso coffee capsules. The company also produces floor care appliances/steam cleaners, air-conditioners, air cleaners, and small/portable heaters.

The 3Q 2013 net industrial margin was up to 47.8% of revenues, from 47.5% in 3Q 2012. The margin increased from EUR 163.5 million in 3Q 2012 to EUR 175.7 million in 3Q 2013.

Net income in 3Q 2013 was EUR 25.3 million, or 6.9% of revenues, from EUR 31.1 million in 3Q 2012, or 9.0% of revenues.

In the first nine months of 2013 De'Longhi had 9-month growth of 5.0%--revenues were up from EUR 988.8 million in the first nine months of 2012 to EUR 1,038.1 million in the first nine months of 2013, or 7.9% at constant exchange rates.

Net industrial margin increased as a percentage of revenues from 47.4% in the first nine months of 2012 (net industrial margin of EUR 468.8 million) to 48.5% in the first nine months of 2013 (net industrial margin of EUR 503.6 million).

Net income was EUR 57.0 million in the first nine months of 2013, from EUR 63.5 million in the first nine months of 2012.

Higher nine-month revenues came thanks, in part, to the consolidation of Braun Household.

De'Longhi saw strong nine-month performance from Kenwood-brand kitchen machines. Hand blenders were also strong, benefitting significantly from the Braun contribution.

Espresso coffee makers sales were slightly negative in the first nine months, both fully automatic coffee makers and Nespresso capsules machines. Dolce Gusto coffee makers showed growth in the first nine months, thanks in part to new market launches.

Portable heaters sales were negative in the first nine months, although De'Longhi said the segment has lower weight on its total business.

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