Q4'23 results
Q4 was mostly in line with our expectations as sales were slightly weaker while EBIT was in line. In our opinion, the quarter was similar to the previous one: focus on destocking and continued consumer pessimism. Aurdel was slightly weaker than we expected on sales, and drove the majority of the minor sales miss. However, Aurdel's adj. EBIT was stronger than we anticipated. This is positive because it suggests that the company's cost control is bearing fruit. Finally, and of course importantly, the excess working capital continues to come down, and cash flow is improving.
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