May 11, 2017 / 11:07 AM / 7 months ago

Italy's Massimo Zanetti Q1 core earnings lifted by single-serve business

MILAN, May 11 (Reuters) - Italian coffee maker Massimo Zanetti said on Thursday it confirmed its full year guidance after posting a 9.1 percent rise in first-quarter core earnings.

The group, which owns the Segafredo, Chock full o‘Nuts and Puccino’s coffee brands, said earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 13.9 million euros. Revenue at the Veneto-based group for the first three months of the year was up 7.1 percent with respect to the same period last year, lifted by a 49 percent growth of the high-margin single serve business.

Sales in the Americas accounted for 48.7 percent of the group’s revenues, followed by those in Europe, 24.7 percent of the total.

Excluding the contribution from Portugal’s Nutricafe business, consolidated last September, the company’s consolidated revenues were up 2.7 percent in the first quarter. (Reporting by Giulia Segreti)

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