The wholesaler of faucets has published a turnover for the third quarter above analysts’ expectations. Energy renovation remains a growth driver for professionals. There has been a strong demand for generator sets within the consumer segment. All in a context of rising selling prices.
Thermador’s model is “resilient”, here is further proof | Photo credits: Thermador
Energy renovation continues to drive growth. Thermador released Thursday evening a turnover of the third quarter higher than analysts’ expectations. After a good first half (+9.4%, to 287.6 million euros), the year continued on a good trend with billings for the July-September period of just over 130 million , up 14%. Over nine months, growth was 10.8%.
Thanks to its “pricing power”, the company from Isère, which specializes in the wholesale of tapware for sanitary facilities, heating and air conditioning, has been able to increase selling prices, all the more easily since its customers is made up of 80% professionals.
“The price increases which had been announced at the beginning of the summer in [dans la division] general public seem difficult to convey but do not prevent Mecafer/Domac [forte demande de groupes électrogènes pour s’assurer en électricité] and Dipra [pompes et accessoires jardin et piscine, accessoires de plomberie, gaz, chauffe-eau et chauffage] to show clear growth in this third quarter, contrary to what we thought”we find in the financial analysis office Portzamparc.
“The group’s model is resilient (as a reminder during the last crisis, in 2009, turnover fell by 5.5%)”, comments Jérémy Garnier, analyst at Oddo BHF. Thermador “Anticipates a significant decline in new housing starts (around 10% of turnover exposed to this segment) while products related to maintenance/renovation should hold up better. » Thermador, up 9% on the stock market on Friday, does not foresee a slowdown in energy renovation in the coming months.
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