HCMLY Holcim Ltd (PK)

   By Yi Wei Wong 
 

LafargeHolcim Ltd. reported lower earnings for the fourth quarter as sales fell.

The Swiss cement maker's recurring earnings before interest, taxes, depreciation and amortization were 1.61 billion Swiss francs ($1.65 billion), compared with CHF1.67 billion a year earlier. Analysts polled by FactSet expected CHF1.59 billion.

On a like-for-like basis, which accounts for divestments, recurring Ebitda fell 3.6%.

Net sales fell to CHF6.52 billion, the company said. On a like-for-like basis, net sales were 4.5% lower.

For the full year, net income was CHF2.07 billion, higher than the CHF1.57 billion reported in 2018.

LafargeHolcim said it targets net sales growth of 3%-5% in 2020 on a like-for-like basis and anticipates continued market expansion, though conditions in the Middle East, Africa and China might be challenging.

To comply with IFRS-16 rules, the company said recurring EBIT would be its new key performance indicator starting this year. The cement maker said it expects recurring EBIT growth of at least 7.0% in 2020.

Write to Yi Wei Wong at yiwei.wong@wsj.com

(END) Dow Jones Newswires

February 27, 2020 01:33 ET (06:33 GMT)

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