Appliance producer Indesit Company, based in Fabriano, Italy, had first quarter 2010 sales of €601 million, up 1.8% from €591 in 1Q 2009.
Indesit reported that industry shipments in its markets, excluding Turkey, were up 0.6%. This breaks out as:
• +6.7% in Italy
• -1.3% in the UK
• +4.2% in West Europe
• -3.3% I East Europe
• -16.4% in Russia
"Our investments in innovation and launching of new products enabled us to further improve quality and revenues, while profitability in the quarter stayed at excellent levels,” said Indesit CEO Marco Milani. “ We must now continue our efforts so that the Group can consolidate its competitive advantages in a European market characterized by fierce competition and only weak signs of recovery."
The operating margin (EBIT) in the first quarter 2010 was €35.0 million, against €1.2 million in the same period in 2009. The ratio to sales rose to 5.8% from 0.2% in 1Q 2009. Excluding non-recurring income and expenses, which amounted to €2.8 million (€16.7 million in 12Q 2009), the 1Q 2010 operating margin (EBIT) was €37.8 million (€17.9 million in 2009) up 111.2%. The ratio to sales was 6.3% (3.0% in 2009).
The net result for the Group in 1Q 2010 was a positive €16.0 million, against losses of €14.6 million in the same period in 2009.
1Q revenues amounted to €601.4 million (€590.7 million in 2009) up 1.8% on 2009. Net financial indebtedness came down to €383.3 million, a €275.2 million improvement on €658.5 million at the end of the first quarter of 2009.
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