Campari Keeps Outlook Despite Slight Sales Drop
By Andrea Figueras
Davide Campari-Milano backed its view for the current year despite a slight decrease in sales for the first quarter, at a time when drinks makers grapple with consumption normalization after the post-pandemic boom.
The Italian distiller said Tuesday that it booked sales of 663.5 million euros ($714.5 million) for the first three months, compared with EUR667.9 million in the prior-year period. The result compares with analysts' forecasts of EUR661.2 million, according to a poll of estimates compiled by Visible Alpha.
Sales grew 0.2% organically but fell 0.7% on a reported basis. Results were mainly driven by a strong performance of Campari and Aperol aperitifs, the company said.
Adjusted earnings before interest and taxes dropped to EUR151.5 million from EUR159.3 million previously.
"We entered the year yet again with momentum and a resilient performance in a low season quarter and despite the expected tough comparison base," Chief Executive Matteo Fantacchiotti said.
For the current year, Campari didn't disclose a numerical guidance but continues to expect to outperform the wider industry despite what it called normalizing consumption patterns in the sector and volatile macroeconomic environment.
As for the medium-term, it targets continued growth momentum and intends to deliver profitable growth.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
May 07, 2024 06:09 ET (10:09 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing