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Holcim Ltd. on Friday raised its sales guidance for 2023 after reporting revenue and recurring earnings for the first quarter that fell compared with last year but exceeded consensus expectations.
The Swiss buildings-material company
HOLN,
said it expects organic net sales growth for the year to be more than 6%, which compares with its previous guidance for a rise of between 3% and 5%. It also forecast full-year organic growth in recurring earnings before interests and taxes to top 10%, having previously guided for over-proportional growth in recurring EBIT on a like-for-like basis. Holcim said the recurring EBIT margin is expected to exceed 16%.
For the first quarter, Holcim’s net sales fell to 5.725 billion Swiss francs ($6.42 billion) from CHF6.44 billion in the year-earlier period, it said. On an organic basis, the company’s net sales grew 8%.
Recurring EBIT for the quarter fell 20% to CHF493 million, but rose 12% on an organic basis, the company said.
Analysts had estimated Holcim’s first-quarter recurring EBIT at CHF464 million on net sales of CHF5.66 billion, according to consensus numbers provided by the company.
Write to Adria Calatayud at adria.calatayud@dowjones.com
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