Dormakaba reports slight first-half net sales miss, confirms outlook (updated)

Dormakaba Holding AG

05/03/2024 06:11

(Adds outlook, details on profitability)
       March 5 (Reuters) - 
    Swiss security group Dormakaba  DOKA.S  confirmed its
full-year outlook on Tuesday and reported half-year net sales
that were slightly below expectations, hurt by a negative
currency translation effect.
    Group net sales amounted to 1.38 billion Swiss francs ($1.56
billion) for the half-year ending December, up 3.9% organically
but slightly below analysts' average forecast of 1.41 billion
Swiss francs provided by LSEG.
    Despite a negative currency translation effect of 95.2
million Swiss francs, Dormakaba, whose products range from
entrance systems to safe locks, reported a sales increase driven
both by price hikes and higher volumes.
        Its adjusted earnings before interest, tax, depreciation
and amortisation (EBITDA) rose 8.7% to 200.7 million Swiss
francs. Adjusted EBITDA margin increased to 14.6% from 13.0% a
year ago.
  
        The company confirmed its guidance for the financial
year 2023/24, citing a good order pipeline. It expects organic
sales growth to reach 
    its mid-term target
     of 3-5% and profitability to improve from the prior year
level.
  

($1 = 0.8852 Swiss francs)

 (Reporting by Amir Orusov and Anastasiia Kozlova; Editing by
Jacqueline Wong and Kim Coghill)
 ((Amir.Orusov@thomsonreuters.com and
Anastasiia.Kozlova@thomsonreuters.com))