Legrand SA (LGRVF) Q3 2023 Earnings Call Transcript

Legrand SA (OTCPK:LGRVF) Q3 2023 Earnings Conference Call November 8, 2023 3:30 AM ET

Company Participants

Benoit Coquart – Chief Executive Officer

Franck Lemery – Executive VP and Chief Financial Officer

Conference Call Participants

Daniela Costa – Goldman Sachs

Alasdair Leslie – Societe Generale

Alexander Virgo – Bank of America

Gael de-Bray – Deutsche Bank

James Moore – Redburn Atlantic

Aurelio Calderon Tejedor – Morgan Stanley

Eric Lemarie – CIC

Operator

Good morning, ladies and gentlemen, and welcome to today’s Legrand’s 2023 Nine Months Results Conference Call. All participants are in a listen-only mode. Later, there will be a question-and-answer session. For your information, this conference is being recorded.

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

Benoit Coquart

Thank you. Hello, everybody. Thank you for connecting to this call. So as usual, Franck, Ronan and myself are happy to welcome you to the nine months conference call and webcast. Please note that this call is recorded. We have published today, as you know, our press release, financial statements and a slide show 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 detail. I begin on page four of the deck, with the three key takeaways of this release. First, Legrand recorded very solid results in a contracting building market. Second, we actively pursue our growth strategy through dynamic external growth in Buoyant segments. Third, we have specified our full year targets.

So moving to page six to seven, I will start with an overview of sales. In the first nine months of 2023, excluding Russia and FX, our sales grew by plus 5.8%, driven by an organic rise of plus 3.7% and a Scope

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