Saint-Gobain Reports 1.2% Rise in Annual Net Profit
February 23 2017 - 1:53PM
Dow Jones News
By Matthew Dalton and Inti Landauro
PARIS--Construction materials firm Compagnie de Saint-Gobain SA
Thursday said net income last year rose 1.2% to 1.31 billion euros
($1.38 billion), as the company used cost-cutting to fatten its
margins.
Sales last year fell 1.3% to EUR39.09 billion from EUR39.6
billion, mainly because of the strength of the euro against the
pound and Latin American currencies, the French company said.
Analysts polled by FactSet expected an average net profit of
EUR1.17 billion out of sales of EUR39.07 billion.
Private-equity firm Apollo Global Management paid EUR2.95
billion for Verallia, Saint-Gobain's glass-bottle business, adding
EUR811 million to Saint-Gobain's profits.
Write to Matthew Dalton at matthew.dalton@wsj.com and Inti
Landauro at inti.andauro@wsj.com
(END) Dow Jones Newswires
February 23, 2017 13:38 ET (18:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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