Saint-Gobain Confirms Outlook Despite Sales Drop
By Adria Calatayud
Saint-Gobain confirmed its 2024 profitability outlook after it reported a drop in sales for the first quarter, hurt by a decline in volumes that couldn't be offset through pricing.
The French constructions-materials supplier said sales for the first three months of the year amounted to 11.36 billion euros ($12.15 billion) compared with EUR12.41 billion in the same period last year. This compared with analysts' expectations of EUR11.26 billion, according to consensus estimates provided by Visible Alpha.
On a like-for-like basis, sales fell 5.8%, with both prices and volumes, it said.
The company confirmed its target of an operating margin in the double-digit percentage range in 2024, but said it continues to expect a challenging first half of the year in some of its markets, particularly in Europe.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
April 25, 2024 12:22 ET (16:22 GMT)
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