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.-
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