Saint-Gobain’s first-half 2019 results: solid performance

Organic sales growth at 3.5 percent - operating income up 8.3 percent - recurring earnings per share up 17.6 percent

Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, said, “The Group’s first-half results progressed significantly, driven by continued upbeat trends on our main markets, a positive price-cost spread, and excellent advances in our transformation plan, which is delivering expected results faster than initially planned.

“The acceleration of our portfolio rotation program announced a year ago continues apace and we will exceed 3.0 billion EUR in sales divested by the end of 2019. The Group is confirming its objectives for full-year 2019 and for the second half, in a less supportive market overall, expects a like-for-like increase in operating income versus second-half 2018.”
Benoit Bazin, Chief Operating Officer of Saint-Gobain, commented, “Thanks to our new organization, in place since January 1, the commitment of our teams on the ground is reaping rewards. Our portfolio optimization program and measures to unlock 250 million EUR in additional cost savings are being put into place with agility and determination, as illustrated by the accelerated timetable, with the cost savings target for 2019 raised from over 50 million EUR to more than 80 million EUR.

“Going forward, we are very confident in the capacity of “Transform & Grow” to give new impetus to our growth and profitability.”

The full report is available here.

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