Holcim Q3 Recurring EBIT, Net Sales Rise; Lifts FY22 Outlook; Plans CHF 2 Bln Share Buyback

Swiss building materials firm Holcim Group (HCMLY.PK,HCMLF.PK) reported Friday that its third-quarter recurring EBIT reached 1.55 billion Swiss francs, up 1.2 percent from last year's 1.53 billion francs. Recurring EBIT grew 7.7 percent on a like-for-like basis.

Net sales were 8.05 billion francs, up 10.4 percent from 7.29 billion francs a year ago. Net sales increased 16.3 percent on a LFL basis.

For fiscal 2022, Holcim upgraded its net sales and Recurring EBIT guidance.

Net sales growth is now expected to be at least 12 percent like-for-like, compared to previously expected at least 10 percent like-for-like, with net sales reaching 29 billion francs.

Double-digit net sales growth in Solutions & Products has been upgraded to achieve net sales of above 5.5 billion francs. Holcim said it is well-positioned to reach 25 percent of Group net sales in Solutions & Products for 2022 on a pro forma basis, on target to deliver 30 percent by 2025.

Recurring EBIT is now expected to be in mid-single digit growth like-for-like, compared to previous view of positive growth on LFL basis.

Further, the company announced a share buyback up to 2 billion francs, which will start in November 2022, subject to the necessary regulatory approvals.

Under the program, Holcim plans to repurchase up to 40 million shares until May 2023, to be approved for cancellation at the Annual General Meeting on 4 May 2023.

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