LafargeHolcim 1Q Profit Fell as Virus Hit Sales
April 30 2020 - 1:28AM
Dow Jones News
By Martin Mou
LafargeHolcim Ltd.'s first-quarter profit and sales both fell as
the coronavirus pandemic hit business, it said Thursday,
forecasting more pain ahead in the second quarter.
The Swiss cement maker's recurring earnings before interest and
taxes for the period dropped to 262 million Swiss francs ($269.1
million) from CHF305 million in the year-earlier quarter.
Net sales slid to CHF5.29 billion from CHF5.96 billion.
LafargeHolcim said it still had a strong start to the year as
its performance to mid-March, when Covid-19 spread beyond China
into all business regions, was well ahead of last year's.
The company said it expects the biggest impact from the virus
will be in the second quarter.
"The full impact of the crisis on the company's 2020 results
cannot be assessed at this point," it said.
However, LafargeHolcim said it is well-positioned to weather the
crisis and will reduce fixed costs and capital expenditure this
year by CHF300 million and CHF400 million, respectively.
The company has also secured liquidity of CHF8 billion, it
said.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
April 30, 2020 01:13 ET (05:13 GMT)
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