Geberit AG, a Swiss sanitary parts and systems manufacturer, announced a 11.4% decrease in its first-quarter net income, dropping to 190 million Swiss francs from the previous year's 215 million francs.
The company also reported a 9.9% fall in earnings per share, from 6.36 francs to 5.73 francs. Operating profit or EBIT decreased 7.5% to 239 million francs, while EBITDA or operating cashflow fell 7% to 275 million francs when compared to last year's figures. Consequently, the EBITDA margin also shrunk by 30 basis points to 32.8%.
Net sales were reported lower by 6.2%, reducing to 837 million francs from the previous year's 893 million francs due to a slight drop in volumes. The decline, when adjusted for currency effects, was 1.4%.
In addition to these figures, Geberit's Board of Directors decided to initiate a new share buyback programme, planning to repurchase shares worth up to 300 million francs. This programme, set to kick off in the third quarter, will run over a maximum period of two years and will begin after the completion of the current programme.