CODYY Compagnie de Saint Gobain (PK)

By Pierre Bertrand

Compagnie de Saint-Gobain said it aims to achieve a new record operating margin this year, despite reporting a decline in third-quarter sales.

The French building-materials company said Thursday that sales came to 11.57 billion euros ($12.23 billion) in the period compared with EUR12.92 billion in the prior-year period. The result represents a 10.5% on-year decline on a reported basis and a 3.1% fall on a like-for-like basis.

Volumes declined by 5% over the quarter, while pricing had a 1.9% positive effect on sales, it said.

There was a moderate slowdown in markets as new construction declined but renovation activities showed resilience, Saint-Gobain said.

North America, Asia and construction chemicals now represent two-thirds of the group's operating income, the company said.

Saint-Gobain said it still expects a double-digit operating margin in 2023, but that it is now targeting a record high.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

October 26, 2023 12:58 ET (16:58 GMT)

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