Heidelberg Materials raises profit target again – share price slides

HEIDELBERG (dpa-AFX) – After a surprisingly profitable summer quarter, the building materials group Heidelberg Materials is once again more optimistic for 2023. Earnings before interest and taxes adjusted for special items are expected to reach 2.85 to 3 billion euros in the current year, the DAX group said surprisingly on Thursday in Heidelberg. It was only in July that management raised its forecast to 2.7 to 2.9 billion. Meanwhile, the group is sticking to its sales forecast: sales should continue to increase moderately on a comparable basis. The share price briefly fell by around four percent after the news. Most recently it was still in the red by around one and a half percent.

According to preliminary figures, Heidelberg Materials achieved sales of a good 5.6 billion euros in the third quarter, four percent less than a year earlier. Analysts surveyed on behalf of the group had expected a somewhat smaller decline. Adjusted earnings before interest and taxes increased by almost a quarter to almost 1.1 billion euros and exceeded the average expectations of experts.

The company, formerly called Heidelbergcement, plans to publish its final quarterly figures on November 2nd./stw/jha/

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