Saint-Gobain sales down YoY in Q3 despite sequential improvement

Saint-Gobain reported a 2% year-over-year decline in like-for-like sales for the third quarter of 2024, but the results marked a sequential improvement compared to earlier quarters.

Sales for the first nine months fell 3.9%. The company's Q3 revenue performance was driven by growth in the Americas, Asia-Pacific, and High Performance Solutions segments, offset by persistent weakness in Europe's new construction markets, especially in France.

Total reported sales for the quarter stood at €11.6 billion, unchanged from last year, despite a negative currency impact of 1.3%.

Saint-Gobain highlighted that recent acquisitions in North America, Asia-Pacific, and construction chemicals contributed positively, with a 3.4% structure impact.

However, the company noted that macroeconomic challenges and lower consumer confidence weighed on sales.

Looking ahead, the company stated: "As anticipated, Saint-Gobain expects some of its markets to remain difficult over 2024 overall, with weakness in new construction and resilience in renovation in Europe, and good levels of activity in the Americas, Asia-Pacific and High Performance Solutions."

Despite this, the company forecasts a further increase in operating margin, citing its "disciplined execution" and leadership in sustainable construction as key drivers.

Source: Investing.com