Plumbing supplier Geberit Q1 results slightly above expectations, launches buyback [Reuters]
GEBERIT AG UNSP/ADR (GBERY)
NASDAQ:AMEX Investor Relations:
geberit.com/investors
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Source: Reuters
slightly above expectations and announcing a new share buyback programme worth 300 million francs. The company, whose products include sinks and urinals, said it expected construction activity to decline overall in 2024, particularly new builds. The buyback programme is due to start in the third quarter. Report this ad Geberit reported sales of 837.2 million Swiss francs ($923.25 million) for the quarter, down 6.2% on the same time last year, just beating the consensus estimate of 832 million Swiss francs in an analyst poll conducted by newswire AWP. Sales were hit by weak demand in end markets, Geberit said, but helped by wholesalers restocking. Adjusted for the strong franc, sales fell by 1.4% compared with the first quarter last year. Core profit (earnings before interest, taxes, depreciation and amortisation) of 274.9 million francs was down 7% on the same time last year and beat the 268 million francs expected in the poll. Net income for the quarter fell 11.4% to 190
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