Imerys : A Q3 to be forgotten
>Operating profit shy of our forecasts - Q3 2018 operating profit below our estimates. Operating profit was € 141m (-3.1% and -4.3% l-f-l) vs Oddo BHF at € 161m (no consensus) and the margin was 12.2% down in Q3 after stability in Q2. Q3 2018 sales were also below forecasts at € 1,154m (Oddo BHF at € 1,228m) up 3.1% l-f-l, of which -0.9% for volumes and 4.0% for price (a good performance). The decline in volumes came as a surprise and appears to stem from the Ene...Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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