De' Longhi core profit rises in Q2 on La Marzocco consolidation
31/07/2024 13:35
July 31 (Reuters) - Italian home appliance maker De'
Longhi DLG.MI on Wednesday posted a 14.5% increase in
second-quarter adjusted core profit, as consolidation of a 41%
stake in high-end espresso manufacturer La Marzocco resulted in
a 11% turnover rise.
De' Longhi's second-quarter adjusted EBITDA came at 110.9
million euros ($120.13 million), slightly ahead of analyst
expectations, while revenues were 764.9 million euros.
"The quarterly results reinforce the expectation of reaching
the upper end of the guidance which foresees an adjusted EBITDA
in the range of 500-530 million euros," Chief Executive Fabio
de' Longhi said in a statement.
Milan-listed De' Longhi in December spent $374 million to
acquire 41.2% of La Marzocco from De' Longhi Industrial, its
parent company.
($1 = 0.9232 euros)
(Reporting by Philippe Leroy Beaulieu; Editing by Conor
Humphries)
((Philippe.LeroyBeaulieu@thomsonreuters.com;))