BIC Group Releases 2014 First Quarter Results
BIC Graphic, the promotional products supplier located in Clearwater, Fla., released its earnings report for the first quarter of 2014. A part of BIC Group—which saw net sales reach €434.2 million (about $601 million), a 4.5 percent increase comparatively—BIC Graphic had a 1.4 percent increase in net sales comparatively in its 2014 first quarter.
“Our Q1 2014 results showed a solid start to the year, reflecting good organic growth and the positive impact of the consolidation of Cello Pens into our Consumer Business, along with the recovery in BIC Graphic Net Sales," BIC's CEO Mario Guevara, said in a statement.
The comparative net sales increase was the first quarterly increase since the acquisitions of Norwood and Antalis in 2009. BIC Graphic is expected to see further growth in the low-single digits, with a normalized income from operations (IFO) margin remaining in the mid-single digits through 2014. While IFO overall increased 17.6 percent for the group, the promotional products portions suffered a 7.2 percent loss in that category. Q1 2014's normalized IFO losses increased from 5.4 percent losses due to increased marketing investments in North America and Europe due to sales growth.
"Based on this good performance and on our capability to continue to outperform our markets in developed and developing countries, we are confident in our ability to achieve our full year target for 2014 in both consumer, and advertising and promotional activities, despite the ongoing economic uncertainty, notably due to the strong volatility of currencies,” Guevara said.
For more information, visit www.bicgraphic.com.