Holcim: forecasts raised after a ‘record’ third quarter – 10/28/2022 at 10:29

Holcim: forecasts raised after a ‘record’ third quarter – 10/28/2022 at 10:29

(CercleFinance.com) – The Swiss cement manufacturer Holcim announced on Friday that it had revised its forecasts for the whole of the 2022 financial year upwards after a “record” performance in the third quarter.

The Zug group saw its quarterly turnover rise by more than 16% on a like-for-like basis, to 8.04 billion Swiss francs, while the consensus was only targeting 7.70 billion.

Its current operating profit (Ebit) increased by 7.7% like-for-like to reach 1.55 billion Swiss francs, a figure again higher than market forecasts (1.48 billion).

Following these better-than-expected performances, the group raised its revenue growth target for this year, now expected to be at least 12% on a like-for-like basis, compared to +10% so far.

Its current operating profit should grow at a rate close to 5% on a like-for-like basis, whereas the group was simply aiming for ‘positive’ growth until now.

Holcim, which recently obtained $7.3 billion in sales in India and Brazil, also plans to launch a two billion Swiss franc share buyback program next month.

The goal, he explains, is to acquire 40 million shares by May 2023.

The title Holcim listed on Euronext Paris rose by 1.1% Friday morning following all these announcements.

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