Saint-Gobain Shares Rise After Confirming Outlook
By Nina Kienle
Compagnie de Saint-Gobain shares rose on Friday after the French constructions-materials supplier confirmed its 2024 profitability outlook, despite reporting a drop in sales for its first quarter.
At 0918 GMT shares rose 5.65% at EUR74.38.
The French constructions-materials supplier confirmed its target of an operating margin in the double-digit percentage range for the full year, although first-quarter revenue dropped to 11.36 billion euros ($12.19 billion) from EUR12.41 billion of the same period the prior year.
However, the figure came in line with expectations. Analysts saw revenue at EUR11.26 billion, according to consensus estimates compiled by Visible Alpha.
"Saint Gobain continues to have reasonable upside at more than 13%, even without assuming the potential, deserved rerating," Stifel analysts Tobias Woerner and Augustin Cendre said in a note to clients. The analysts see consensus ticking up slowly.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
April 26, 2024 05:41 ET (09:41 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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