Rexel Q1 net up 27.2 percent, keeps 2008 goals
PARIS (Reuters) - Rexel (RXL.PA: Quote, Profile, Research), the world's biggest electrical equipment distributor, posted a 27.2 percent rise in first-quarter net profit on Thursday and kept its 2008 goals despite a difficult economic climate.
Net profit rose to 62.5 million euros from 49.1 million in the year-ago quarter, with revenue up 1.2 percent to 2.52 billion. On a comparable basis, revenue grew 3.1 percent.
Earnings before interest, tax and amortisation (EBITA) declined by 4.6 percent to 146.4 million euros, hit notably by an unfavourable calendar effect.
"Rexel is focused on reaching its 2008 targets and improving the profitability of the recently acquired European activities of Hagemeyer," CEO Jean-Charles Pauze said in a statement.
"In a difficult economic environment which shows a few expected signs of a slowdown, Rexel confirms its 2008 targets released on March 31, 2008," the statement said.
In March Rexel said it expected limited revenue growth for 2008 with an adjusted EBITA (earnings before interest, tax and amortisation) margin similar to last year.
Rexel is majority-owned by Clayton, Dubilier & Rice, Eurazeo (EURA.PA: Quote, Profile, Research) and Merrill Lynch MER.N Global Private Equity.
(Reporting by Dominique Vidalon; Editing by David Holmes)
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