By Helena Smolak
Villeroy & Boch reported lower revenue and earnings for the first nine months due to a deteriorating construction industry and currency headwinds, prompting it to narrow guidance to the lower end of its previous outlook.
The German ceramics manufacturer on Friday projected a decline in 2023 operating earnings before interest and taxes at the lower end of its previous forecast that called for a fall of between 5% and 10%. It also expects a decline in consolidated sales at the lower end of its previously stated range of 3% to 6%.
The forecast for investments in property, plant and equipment and intangible assets remain unchanged at an expected 50 million euros($52.9 million), it said.
Villeroy & Boch’s consolidated revenue in the first nine months was down 8.8% at EUR650.6 million compared with the same period last year, it said. The company said its EBIT decreased 12% to EUR56.8 million.
Write to Helena Smolak at [email protected]
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