Legrand SA (LGRVF) Q1 2024 Earnings Call Transcript

Date:


Legrand SA (OTCPK:LGRVF) Q1 2024 Earnings Call Transcript May 3, 2024 2:30 AM ET

Company Participants

Benoît Coquart – Chief Executive Officer
Franck Lemery – Chief Financial Officer

Conference Call Participants

Daniela Costa – Goldman Sachs
Gael de-Bray – Deutsche Bank
Max Yates – Morgan Stanley
Phil Buller – Bremberg
Delphine Brault – ODDO BHF
Alasdair Leslie – Bernstein
Andre Kukhnin – UBS
Eric Lemarié – CIC Market Solutions

Operator

Good morning, ladies and gentlemen, and welcome to today’s Legrand’s 2024 First Quarter Results Conference Call. For your information, this conference is being recorded. All participants are in a listen-only mode. Later there will be a question-and-answer session.

At this time, I would like to hand the call over to CEO, Mr. Benoît Coquart and CFO, Mr. Franck Lemery. Please go ahead, sir.

Benoît Coquart

Thank you very much. Good morning everybody. Franck Lemery and myself are happy to welcome you to the Legrand 2024 Q1 conference call and webcast. As you know, we have published today our press release, financial statements and a slideshow to which we will refer. Those documents are available on the Legrand website. After a few opening remarks, we will comment the results into more details.

I begin on page four of the deck with the three key highlights of this press release. First, in a building market in retreat, as expected, Legrand reports lower sales and good margin resilience. Those results are in line with our expectations. Second, we are actively executing our strategic road map. Third, we confirm our full year targets. As a reminder, we will host a Capital Market Day in September 2024 in London.

So, moving to pages six and seven, I will start with an overview of sales. In the first quarter of 2024, excluding exchange rates and Russia, our sales decreased by minus



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