Legrand has reported a 16.5% drop in net income (group share) for the first three months of 2024, to 275.9 million euros, with adjusted operating margin before acquisitions down 1.6 points to 20.6% of sales.

Sales for the electrical infrastructure supplier fell by 5.6% to 2.03 billion euros. In a shrinking building market, its sales fell by 5.4% in organic terms, including -5% in mature countries and -6.5% in new economies.

Taking into account the current macroeconomic outlook, Legrand confirms its target for 2024 of an adjusted operating margin before acquisitions of between 20 and 20.8%, and a slight growth in sales, both organic and through acquisitions, on a 'low single digit' basis.

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