Saint-Gobain Is Facing a Slowdown in European Construction Markets
No-moat Saint-Gobain reported third-quarter revenue of EUR 10.3 billion, up 2% over 2017 and broadly in line with our expectations. Organic growth was 3.1%, but this was all due to pricing, as volumes declined 0.4%. This is slightly concerning, as pricing is primarily reacting to rising input costs, which means the price increases are not necessarily big enough to offset the input cost inflation. At the end of the first half, margins were tracking below our expectations. However, Saint-Gobain wa...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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