We are encouraged to see Saint-Gobain tackling strategic issues.
No-moat Saint-Gobain reported first-half results that met consensus but were below our relatively bullish expectations. Operating income for the first half was EUR 1.5 billion, up a modest 1.7% over 2017 on a like-for-like basis. Margins are tracking below our numbers in some business lines due to rising raw material and energy costs, and we appear to be underestimating the negative impact of currency headwinds. Accordingly, we may adjust our near-term forecasts down slightly, but we don’t expec...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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