DVCMY - Davide Campari-Milano N.V. (DVDCF) Q1 2024 Earnings Call Transcript
2024-05-11 18:07:07 ET
Davide Campari-Milano N.V. (DVDCF)
Q1 2024 Results Conference Call
May 07, 2024 07:00 AM ET
Company Participants
Matteo Fantacchiotti - CEO
Paolo Marchesini - CFO
Conference Call Participants
Andrea Pistacchi - Bank of America
Simon Hales - Citi
Sanjeet Aujla - UBS
Edward Mundy - Jefferies
Celine Pannuti - JPMorgan
Chris Pitcher - Redburn Atlantic
Alessandro Tortora - Mediobanca
Trevor Stirling - Bernstein
Richard Withagen - Kepler Cheuvreux
Paola Carboni - Equita SIM
Presentation
Operator
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining in the presentation of Campari's First Quarter 2024 Results Conference Call [Operator Instructions].
At this time, I would like to turn the conference over to Mr. Matteo Fantacchiotti, CEO of Campari. Please go ahead, sir.
Matteo Fantacchiotti
Thank you very much, and good morning, afternoon and evening, everyone, and thank you very much for joining us. Very pleased to lead this first 2024 performance update and first quarter results presentation together with Paolo, of course, and the Investor Relations team right here in the room with us. So going straight into it. Organic sales were up plus 0.2% with solid underlying trends against a tough comparison base due to temporary phasing effect in Q1 2023 from trade forward buying ahead of price increases. As a reminder, we grew Q1 2023 around plus 20%. So overall, we observed continued strength in operatives led by Campari Aperol, despite the challenging comp base and largely thanks to core European markets and US. While it's prolonged, also in the US continued to show very solid momentum. If we exclude the temporary positive phasing effect in Q1 2023, which was mainly impact in the US and Italy in operative [indiscernible], the organic growth come at approximately plus 6%. EBIT adjusted organic is at minus 2.3% and margin of 22.8%, which is a dilution of 60 basis points versus Q1 2023 with some dilutive effects of SG&A due to flattish net sales growth. Excluding the temporary positive phasing effect on Q1 '23, the EBIT adjusted organic growth will be at approximately plus 13%....
Davide Campari-Milano N.V. (DVDCF) Q1 2024 Earnings Call Transcript