Swedish refrigeration wholesaler Beijer Ref reported a record profit margin for its third quarter, driven by organic growth and strategic initiatives.
The company's earnings before interest, taxes, and amortization, or EBITA, margin reached 11.7%, up from 11.4% in the same period a year earlier, according to a company filing.
Beijer Ref said organic sales grew by 5%, while total sales and EBITA rose by 8% and 11% respectively, excluding currency effects.
"We have just completed a strong quarter with a good organic growth of 5 per cent, continued improvement in EBITA margin and strong operating cash flow," Chief Executive Officer Christopher Norbye said in a statement.
Norbye added that the record margin was "a result of continued focus on our strategic initiatives.”
The strong performance follows a record-high operating margin in the second quarter and comes as the company pursues an acquisition-led growth strategy.
In September, Beijer Ref established a 7 billion Swedish Kronor debt program to fund acquisitions and recently announced a deal to buy Baltic distributor Airwave.
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Beijer Ref AB reported a record-high operating margin for the second quarter, overcoming what it described as strong headwinds from currency effects.