RHI Magnesita N.V. (RHIM.L), a supplier of refractory products, systems and solutions, reported Monday that its sales volumes were up 2 percent in the third quarter, and up 3 percent in the nine-month period.
In its update on trading, the company noted that revenues in the nine months were in line with the prior year period. The contribution from M&A offset expected softness in pricing and lower sales volumes than expected, due to ongoing weak customer demand. Customer demand remains subdued in all markets except India.
Pricing pressure continued in the quarter as expected, with year-to-date pricing now 4 percent lower compared to the prior year.
Adjusted EBITA in the quarter was in line with the levels reported in the first and second quarters.
Looking ahead, the company said an increase in profitability and margins in the fourth quarter is expected due to normal seasonality of the cement business, the timing of project deliveries in the Industrial segment and cost benefits from efficiency programmes.
For fiscal 2024, adjusted earnings per share is now expected to be in line with the current analyst consensus of 5.00 euros per share.
Adjusted EBITA for 2024 is expected to be between 400 million euros and 410 million euros.
The company further said, "Whilst 2024 revenues and profits have been severely impacted by continued weak customer demand, a strong focus on execution has enabled the preservation of EBITA margins slightly above guidance of 11.0 percent in the year to date."
Sales volumes are now expected to be around 5 percent higher in 2024 compared to the prior year, including the contribution from M&A and with a slight decline in the base business, following weaker than expected demand.
Sales volume guidance for 2024 was previously for the base business to remain flat, with M&A increasing shipped volumes by up to 10 percent.
For fiscal 2024, a decline of up to 5 percent is expected in pricing.
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