Holcim raises full-year sales outlook after Q1 beats forecasts

FILE PHOTO: The brand new brand of Swiss cement maker Holcim is seen in a block of concrete throughout the Holcim Capital Markets Day occasion in Basel, Switzerland, November 18, 2021. REUTERS/Arnd Wiegmann

ZURICH (Reuters) -Holcim raised its full-year gross sales outlook on Friday after the world’s largest cement maker beat analyst forecasts for gross sales and revenue throughout the first quarter.

The Swiss firm mentioned it now expects gross sales development of 8% on a like-for-like foundation, which cuts out the impression of acquisitions and divestments and foreign money swings, and a ten% improve when measured in Swiss francs.

Beforehand Holcim mentioned it had anticipated a 6% improve in gross sales on a like-for-like foundation throughout 2022.

Holcim, which not too long ago mentioned it was quitting its enterprise in Russia, posted recurring working revenue of 614 million Swiss francs ($644.21 million), up 16% from 528 million francs a yr earlier and properly forward of analyst consensus forecasts for 443 million francs.

Revenues rose 20% to six.4 billion francs, beating forecasts for six.1 billion francs.

Each income and recurring working revenue had been the very best first quarter figures recorded by the corporate, which mentioned it was being helped by sturdy demand, current acquisitions and better pricing.

“Regardless of unstable market situations and geopolitical uncertainty, Holcim expects development momentum to proceed in all areas,” the corporate mentioned.

“The document begin to the yr and the constructive demand outlook globally offers Holcim the arrogance to improve its steering.”

($1 = 0.9531 Swiss francs)

Reporting by John RevillEditing by Miranda Murray

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