Imerys : Q3 better than we expected but do not get carried away (yet)
>Operating profit 7% better than we expected - Q3 operating profit came in at € 78m vs our forecast of € 73m, down -31.2% (no consensus). In the quarter, the decline in underlying operating profit was driven by a lower volume contribution (-€ 65m), partly offset by a positive price mix effect (€ 8m), variable costs (€ 3m), a fixed cost/inflation differential of € 25m and a neutral forex effect. The operating margin was 8.5%, down 200bp in Q3, after -620bp in Q2 and -4...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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