Italy's Amplifon posts flat Q2 net profit on weak Europe demand
Adds 2024 outlook in paragraph 2, CEO quotes in paragraphs 6-7
July 30 (Reuters) -Italian hearing aid company Amplifon AMPF.MI posted on Tuesday second-quarter net profit that was little changed from the same period last year as lacklustre sales in Europe offset strong demand in the Americas.
The company trimmed its 2024 EBITDA margin outlook to around 24.3% from above 24.6% previously, and confirmed an objective to deliver high single-digit revenue growth for the full year.
Amplifon made net profit of 54.6 million euros ($59 million)in the three months ended in June, versus 54.4 million euros reported for the same quarter in 2023.
Its shares fell as much as 7.2% after the results and were temporarily suspended from trading. They were down 2.1% at 1422 GMT.
It generated 381.4 million euros in revenue from its Europe, Middle East and Africa (EMEA) business, 1.5% up from the year ago period and held back by a weak market, particularly in France, the company said in a note.
"The market dynamics in Europe showed remarkable volatility throughout the quarter, in fact the European market was below our expectations particularly from the second half of May to the end of June," CEO Enrico Vita told analysts on a conference call.
"We might suppose that the bad weather in some markets and perhaps the European elections had a negative impact in that timeframe" Vita said, without elaborating. The European Union's 27 member countries held elections for the bloc's parliament in June, followed by parliamentary polls in France.
Revenue from the Americas was 129.6 million euros, a 15.9% increase from the second quarter of 2023, thanks to solid organic growth of the business and the positive contribution of acquisitions, the company said in a note.
($1 = 0.9242 euros)
Reporting by Luca Fratangelo; Editing by Emelia Sithole-Matarise
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