Saint Gobain Keeps Targets Despite Revenue Decline
October 27 2016 - 12:59PM
Dow Jones News
By William Horobin
PARIS--French building materials company Compagnie de
Saint-Gobain (SGO.FR) confirmed its targets for 2016 Thursday,
despite reporting a fall in revenue in the third quarter.
Revenue dropped to 9.76 billion euros ($10.64 billion) from
EUR9.97 billion in the third quarter of 2015 on falls in currencies
where Saint Gobain books sales and after the company sold some
activities last year. On a like-for-like basis--stripping out
disposals, acquisitions and currency swings--the company said
revenue rose 2.1% in the third quarter.
The French company said sales volumes in Western Europe improved
as its home market benefited from steady improvement in new-builds
and the U.K. showed no signs of weakness in spite of the vote to
leave the European Union.
Saint-Gobain said it still targets like-for-like growth in
operating income in the second half of this year compared with the
second half of 2015.
Write to William Horobin at william.horobin@wsj.com
(END) Dow Jones Newswires
October 27, 2016 12:44 ET (16:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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