PARIS (Agefi-Dow Jones)–The building materials producer Saint-Gobain published on Wednesday, as it had anticipated, a record operating result and a double-digit margin for the first half of 2022. The group also confirmed its outlook for the full year.
In the first half of the year, the group’s operating result reached 2.79 billion euros, up 17.5% compared to the corresponding period of 2021. The operating margin rose to a new plus historic high of 11% in the first half, compared to 10.7% in the first half of 2021.
Saint-Gobain’s half-year business benefited from the momentum of all of its segments, “which all posted double-digit organic growth, driven in particular by renovation in Europe and construction in the Americas and Asia” , the group said in a statement.
Saint-Gobain has maintained its annual objective of growth at comparable exchange rates in its operating income compared to 2021.
In the first half to the end of June, the group generated record net current income of 1.81 billion euros, up 20.5% compared to the same period in 2021.
In real terms, revenue increased by 15.1%, to 25.48 billion euros, compared to 22.13 billion euros in the first half of 2021. “The foreign exchange effect of +3.3 % mainly reflects the appreciation of the US dollar, the pound sterling, the Brazilian real and other currencies in emerging countries,” Saint-Gobain said.
According to a consensus made by FactSet, analysts expected an average turnover of 25.3 billion euros and an operating profit (Ebit) of 2.63 billion euros.
“Over the coming quarters, we are ready to adapt with agility to the consequences of rising interest rates, inflation, and the geopolitical and energy situation in Europe”, commented Benoit Bazin, CEO of Saint-Gobain.
“Each country manager has designed action plans, paying particular attention to margins and cash flow,” added the manager. “In this more uncertain environment, Saint-Gobain will aim to continue to outperform its markets,” he said.
-Eric Chalmet, Agefi-Dow Jones; +33 (0)1 41 27 47 95; [email protected] ed: LBO
SAINT-GOBAIN FINANCIAL RELEASES:
https://www.saint-gobain.com/fr/presse/press-releases
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July 27, 2022 12:32 ET (16:32 GMT)