Recordati: Recordati launches buyback and confirms guidance after results

(Alliance News) - Recordati Spa reported Friday that it closed the first nine months with adjusted net income of EUR445.4 million, up 9.5 percent from EUR406.6 million in the same period a year earlier. In contrast, reported net income is EUR338.4 million from EUR304.5 million reported as of September 30, 2023. Revenues are EUR1.74 billion, up 12 percent from EUR1.56 billion in the first nine months of 2023. Ebitda rises 12 percent to EUR665.7 million from EUR595.6 million a year earlier. Operating income is EUR504.1 million from EUR438.8 million in the nine months of 2023. Free cash flow is EUR434.3 million, up EUR42.5 million from a year earlier. Net debt as of Sept. 30 was EUR1.32 billion, corresponding to leverage of just under 1.6 times Ebitda, compared with net debt of EUR1.58 billion as of Dec. 31. The company resolved to distribute an interim dividend 2024 of EUR0.60 per share. In addition, the board of directors resolved to initiate a new share buyback program for up to 1.5 million ordinary shares for a maximum consideration of EUR90.0 million. "Due to the continued excellent performance, the group expects to achieve its financial targets for fiscal year 2024, as revised upward last July 30, excluding any potential contribution from Enjaymo," the statement said. Accordingly, the company expects revenues between EUR2.30-2.34 billion, Ebitda between EUR845-865 million, with a margin close to 37 percent, and adjusted earnings between EUR560-580 million. Recordati gives up 3.7 percent to EUR50.15 per share. By Chiara Bruschi, Alliance News reporter Comments and questions to redazione@alliancenews.com Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.