De' Longhi core profit rises in Q2 on La Marzocco consolidation

(Reuters) - Italian home appliance maker De' Longhi on Wednesday posted a 14.5% increase in second-quarter adjusted core profit, as consolidation of a 41% stake in high-end espresso manufacturer La Marzocco resulted in a 11% turnover rise.

De' Longhi's second-quarter adjusted EBITDA came at 110.9 million euros ($120.13 million), slightly ahead of analyst expectations, while revenues were 764.9 million euros.

"The quarterly results reinforce the expectation of reaching the upper end of the guidance which foresees an adjusted EBITDA in the range of 500-530 million euros," Chief Executive Fabio de' Longhi said in a statement.

Milan-listed De' Longhi in December spent $374 million to acquire 41.2% of La Marzocco from De' Longhi Industrial, its parent company.

($1 = 0.9232 euros)

(Reporting by Philippe Leroy Beaulieu; Editing by Conor Humphries)