Good Growth for Saint Gobain in 1Q on Easy Comparison; Shares Fairly Valued
No-moat Saint-Gobain reported first-quarter organic growth of 5.7%, although aided by a weak comparison basis, with Europe affected by harsh weather conditions in the first quarter of 2018. Volume growth was 3.1% while price increases contributed 2.6%. While growth looked solid in the first quarter, we continue to expect a slowdown in European construction activity to increasingly weigh on performance throughout the year. Consequently, we don’t expect to make a material change to our forecast or...Compagnie de Saint-Gobain manufactures, produces, and distributes industrial materials. Co.'s activities are divided into four sectors: Innovative Materials (Co. makes, processes and sells glass and glazing products for the building, the automotive and solar energy industries; Co. also manufactures Ceramics and Plastics, Abrasives, and Textiles), Construction Products (Co. offers products for the Insulation, Gypsum, Exterior Products, Pipe and Industrial Mortars), Building Distribution (Co. distributes building materials (plumbing, heating and sanitaryware products) and ceramic tiles), and Packaging - Verallia (Co. manufactures glass containers and jars for foodstuffs and beverages).
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