Campari Positive on Outlook Despite Expected Currency Hit
By Andrea Figueras
Davide Campari-Milano said that it is positive for 2024 despite what it called a normalizing macroeconomic environment, but signaled further negative foreign exchange trends for the year.
The Italian drinks group booked adjusted earnings before interest and taxes of 618.7 million euros ($671.5 million) in 2023, compared with EUR569.9 million in the prior year and ahead of analysts' forecasts of EUR597 million, according to a poll of analysts' estimates compiled by FactSet. The adjusted operating margin was flat on year at 21.2%.
The maker of Aperol and Campari aperitifs said that sales rose 10.5% organically to EUR2.92 billion, compared with analysts' expectations of EUR2.93 billion, according to FactSet.
In the medium-term, Campari expects continued healthy brand momentum as well as industry outperformance, it said.
"We expect consistent operating margin expansion driven by sales mix, pricing, input cost inflation easing and operational efficiencies, with continuous reinvestment into brand building and commercial capabilities to fuel organic topline growth," the company said.
The group will propose a dividend of EUR0.065 a share for the year, up 8.3% versus the previous year.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
February 27, 2024 06:16 ET (11:16 GMT)
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