Saint-Gobain Targets Record Operating Margin For 2023 Despite Fall in 3Q Revenue
By Pierre Bertrand
Compagnie de Saint-Gobain said it aims to achieve a new record operating margin this year, despite reporting a decline in third-quarter sales.
The French building-materials company said Thursday that sales came to 11.57 billion euros ($12.23 billion) in the period compared with EUR12.92 billion in the prior-year period. The result represents a 10.5% on-year decline on a reported basis and a 3.1% fall on a like-for-like basis.
Volumes declined by 5% over the quarter, while pricing had a 1.9% positive effect on sales, it said.
There was a moderate slowdown in markets as new construction declined but renovation activities showed resilience, Saint-Gobain said.
North America, Asia and construction chemicals now represent two-thirds of the group's operating income, the company said.
Saint-Gobain said it still expects a double-digit operating margin in 2023, but that it is now targeting a record high.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 26, 2023 12:58 ET (16:58 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks