Q1 2022 Carel Industries SpA Earnings Call Transcript
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Carel first-quarter 2022 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Francesco Nalini, CEO of Carel. Please go ahead, sir.
Thank you very much. Good afternoon, everybody. And welcome to our call for the presentation of Q1 2022 results. Thanks for being here. As usual, I'm starting from page 2 with the most important financial highlights. We're happy to report once again, a very strong quarter. It's actually the fifth consecutive quarter where we reported double-digit organic growth rate.
We saw the confirmation of a consistent acceleration in demand in several key applications, both in HVAC and refrigeration. On top of this, we had the positive contribution from our recent M&A activity that performed even better than expectations. This led to a revenue growth of 32.1% compared to the same period of last year.
Excluding the
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