Natuzzi S.p.A. Reports First Quarter 2010 Financial Results
Today the Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) announced the first quarter 2010 financial results.
Total Net Sales for the first quarter 2010 were €126.4 million with an improvement of 13.6%. Upholstery Net Sales were €111.3 million with an increase of 14.9% compared to the same period of 2009. The contribution by Geographic area was the following: Europe (excluding Italy) 42.4%, Americas 32.3%, Italy 14.1% and Rest of the World 11.2%.
The significant improvement of the Industrial Margin is fundamentally due to a better product-mix sold, and to a constant cost control activity, as well as to a positive euro/dollars exchange rate that affected positively the cost of raw material purchases.
Transportation costs were negatively influenced by a significant increase of the freight fares recorded in some transportation routes since January 2010. All the other SG&A costs slightly improved as compared to the first quarter of 2009.As a result of these figures, the Company highlights an Operating Income of €0.5 million versus an Operating Loss of €16.6 million in the first quarter of 2009 with a remarkable improvement with respect to the same period of the previous year. Net Group Result shows a reduced loss of €1.3 million, with respect to a loss of €10.4 million recorded in the same period of 2009, mainly due to some improving actions obtained at a production efficiency level. Net Financial Position as of March 31, 2010 remains strongly positive for €54.9 million notwithstanding the decrease compared to December 31, 2009.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV