ZURICH—Holcim increased its full-year sales prediction on Friday after the world’s largest cement company topped first-quarter sales and profit expectations.
This means that the Swiss business now expects sales to grow by 8% on a “like-for-like” basis, which doesn’t take into account acquisitions and divestitures, and 10% in Swiss francs.
Previously, Holcim (SIX: HOLN) said that it envisaged a 6% growth in like-for-like sales in 2022.
Holcim, which recently announced its intention to exit the Russian market, reported a recurring operating profit of 614 million Swiss francs ($644.21 million), up 16% from 528 million francs a year ago and far above analyst consensus estimates of 443 million francs.
Revenues increased 20% to 6.4 billion francs, exceeding expectations of 6.1 billion francs.
Both sales and recurring operating profit were the best the company has ever made in the first quarter, which it attributed to strong demand, recent acquisitions, and higher prices.
“Despite turbulent market circumstances and geopolitical instability, Holcim anticipates continued growth momentum across all areas,” the company said.
“With a record start to the year and a healthy global demand forecast, Holcim is confident in raising its guidance.“
(1 dollar equals 0.9531 Swiss francs)
