This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Natuzzi: First Quarter 2014 Consolidated Financial Results

The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or “the Company”) has approved its consolidated financial results for the first quarter of 2014.

After the meeting of the board of directors, the Chief Executive Officer, Pasquale Natuzzi, commented:

“First quarter 2014 results represent a first check-point for monitoring the progress of the 2014-2016 Business Plan (the “Plan”), that was approved by the board of directors on February 28, 2014, as well as the effectiveness of the actions already undertaken.

Consolidated net sales in the period were equal to €98.4 million, down 11.2% from €110.7 million reported in the first quarter of 2013.

This reduction – largely anticipated by the Plan – is attributable principally to the following factors:

  • The negative impact from foreign currency movements that have eroded 3.2% of total net sales when translated into Euro;
  • The negative performance of some of the Group’s largest dealers located in the North America region, following the adverse weather conditions that occurred on the Atlantic coast and that have affected the first few months of the year;
  • Production delays, particularly in Italy and China. As for Italy, we reported a low level of productivity since we staffed our Italian plants with workers on rotation, in accordance with the agreement we entered into with the unions on October 10, 2013; as for China, we experienced a higher than expected level of turnover among workers after the Chinese New Year holiday period, consequently lowering the level of productivity for the Chinese plant.




It is worth highlighting that, notwithstanding the 11.2% reduction in revenue reported for the period, the Group’s industrial margin was substantially the same as last year, passing from 29.0% in 2013 first quarter to 28.5% in the first three months of 2014.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,011.94 -28.43 -0.16%
S&P 500 2,109.60 -2.13 -0.10%
NASDAQ 5,076.5240 -6.4050 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs