Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  The Home Depot, Inc.    HD

THE HOME DEPOT, INC.

(HD)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Electrolux Q3 2020 Interim report: Strong results and cash flow on rebounding markets

10/23/2020 | 09:10am EST

Highlights of the third quarter of 2020.

Net sales amounted to SEK 32,004m (30,330). Organic sales increased by 15.2%.

Record high operating income of SEK 3,220m (1,063), corresponding to a margin of 10.1% (3.5), mainly driven by strong volumes and prices. The comparison period included non-recurring items of SEK -290m.

Significant market recovery driven mainly by pent-up demand and government stimulus programs.

Income for the period amounted to SEK 2,356m (610) and earnings per share was SEK 8.20 (2.12).

Operating cash flow after investments was SEK 6,005m (2,499).

The Board proposes to reinstate a dividend for 2019 of SEK 7.00 (8.50) per share, to be paid in one instalment.

President and CEO Jonas Samuelson's comment

In the third quarter Electrolux reported record earnings of SEK 3,220m, or 10.1% of net sales, driven by pent-up demand and government stimulus programs impacting consumer spending. This drove significant volume growth, and positive price and mix improvement, resulting in organic sales growth of 15.2%. The record high operating income translated into a strong operating cash flow after investments of SEK 6,005m.

The strong demand in the quarter was to a significant extent a recovery of the very low market volumes in March-May due to store closures and restrictions on movement. Demand was further enhanced by stimulus programs, more than compensating for the weaker economy caused by the pandemic. Due to pandemic restrictions during the first half of the year, we entered the quarter with unusually low inventory levels, which have remained during the quarter despite high production levels, somewhat impacting our ability to meet the strong demand across all regions.

Sales also benefitted from consumers spending more time at home, using their appliances more intensively and allocating more of their household budgets to home improvement. This in combination with our relentless focus on consumer experience innovation has continued to improve demand for our more highly featured products, driving favorable product mix.

One great experience innovation example is the Frigidaire Gallery AirFry cooker that recently received the 2020 innovation award at the Home Depot. The AirFry cooker also delivers a significantly higher gross margin compared to traditional cookers. Innovation is truly a key pillar for creating value and that is why we will showcase how we are driving profitable growth through innovation at our online Capital Markets Update on November 17.

The Board of Directors proposed to reinstate a dividend for the fiscal year 2019 based on the recovery in earnings and cash flow. The proposed dividend of SEK 7 per share will be up for decision at an Extraordinary General Meeting on November 3. Our strong commitment to sustainability remains unchanged with the target of climate neutrality by 2050, and I am pleased that the long-term incentive program for senior managers proposed by the Board includes a substantial climate impact reduction element.

Looking into the fourth quarter, visibility remains limited as demand may be impacted by several factors, especially as the pandemic is still very much present. However, we currently anticipate that consumer demand and thus financial performance will normalize gradually going forward. Considering this and the catch-up effect during the third quarter, we are revising our market outlook for the full-year 2020 upwards. We anticipate market demand for appliances in Europe to be slightly positive, in North America to be slightly positive to positive and in Latin America to be positive. It is only the combined demand in our larger markets in the Asia-Pacific, Middle East and Africa region that we still expect to be negative for 2020.

I am very proud of how we as an organization successfully have navigated in these challenging times. My colleagues around the world has done a great job in executing on our strategy. That is why I am confident that Electrolux remains well positioned to create value.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, October 23. Jonas Samuelson, President and CEO and Therese Friberg, CFO will comment on the report.

Details for participation by telephone are as follows:

Participants in Sweden: +46 8 566 426 51

Participants in UK/Europe: +44 3333 000 804

Participants in US: +1 631 9131 422

Pin code: 36830556#

Slide presentation for download:

www.electroluxgroup.com/ir

Link to webcast:

https://edge.media-server.com/mmc/p/yv4vxegt

For further information, please contact:

Sophie Arnius, Head of Investor Relations +46 70 590 80 72

Asa Ohman, Electrolux Press Hotline, +46 8 657 65 07

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 0800 CET on October 23, 2020.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux/r/electrolux-q3-2020-interim-report--strong-results-and-cash-flow-on-rebounding-markets,c3221416

The following files are available for download:

https://mb.cision.com/Main/1853/3221416/1322939.pdf

(C) 2020 Electronic News Publishing, source ENP Newswire

All news about THE HOME DEPOT, INC.
11/27GM Plans to Seek Banking Charter to Grow Auto-Lending Business
DJ
11/26Amazon to give $500 million in holiday bonuses to front-line U.S. workers
RE
11/24Home Depot reaches $17.5 million settlement over 2014 data breach
RE
11/24HOME DEPOT : Management's Discussion and Analysis of Financial Condition and Res..
AQ
11/23HOME DEPOT : to Receive 50 MW from Largest Planned Solar Power Project in the U...
PU
11/19THE HOME DEPOT : Declares Third Quarter Dividend Of $1.50
PR
11/18HOME DEPOT, INC. : Entry into a Material Definitive Agreement, Financial Stateme..
AQ
11/18Home Depot Starts Looking Better Equipped Than Lowe's -- Heard on the Street
DJ
11/18Home Depot Starts Looking Better Equipped Than Lowe's -- Heard on the Street
DJ
11/18Target Grabs Sales From Rivals Amid Pandemic -- Update
DJ
More news
Financials (USD)
Sales 2021 130 B - -
Net income 2021 12 728 M - -
Net Debt 2021 26 480 M - -
P/E ratio 2021 23,4x
Yield 2021 2,18%
Capitalization 297 B 297 B -
EV / Sales 2021 2,49x
EV / Sales 2022 2,51x
Nbr of Employees 415 700
Free-Float 60,1%
Chart THE HOME DEPOT, INC.
Duration : Period :
The Home Depot, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends THE HOME DEPOT, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 305,80 $
Last Close Price 275,99 $
Spread / Highest target 26,8%
Spread / Average Target 10,8%
Spread / Lowest Target -23,9%
EPS Revisions
Managers
NameTitle
Craig A. Menear Chairman & Chief Executive Officer
Edward P. Decker President & Chief Operating Officer
Richard V. McPhail Chief Financial Officer & Executive Vice President
Matthew A. Carey Chief Information Officer & Executive VP
Paul Antony Senior Vice President-Technology
Sector and Competitors
1st jan.Capitalization (M$)
THE HOME DEPOT, INC.26.38%297 131
SHIMACHU CO., LTD.84.04%2 056
PT ACE HARDWARE INDONESIA TBK13.38%2 005
TOPPS TILES PLC-22.22%146