Securitas Q2 2024: Core Profit Up but Below Analyst Forecasts on Flat Organic Sales
Securitas Q2 2024 Financial Results Overview
July 24 (Reuters) - Sweden's Securitas, one of the world's largest security services providers, reported lower-than-expected second-quarter core profit on Friday, weighed down by weak organic sales growth.
Core Profit Performance
• Securitas' operating earnings before amortisation (EBITA) rose to 2.82 billion Swedish crowns ($289.13 million) in April-June from 2.80 billion crowns a year earlier, but missed analysts' average forecast of 2.91 billion crowns in a poll provided on its website.
Organic Sales Growth
• Organic sales growth was 0% in the quarter, down from 5% a year earlier, while adjusted organic sales growth was 3%.
Operating Margin and CEO Statement
• Operating margin increased to 7.50% from 7.30% a year earlier.
• "We delivered an improved adjusted operating margin in the second quarter, reaching 7.6%, driven by both the technology and solutions and the security services business lines," CEO Magnus Ahlqvist said in a statement.
Additional Information
($1 = 9.7533 Swedish crowns)
(Reporting by Tomasz Kanik, editing by Matt Scuffham)
