St-Gobain Sees Moderate Earnings Growth In 2008

Saint-Gobain predicted "moderate" earnings growth in 2008 due to a possible U.S. recession and tighter credit conditions, after reporting a double-digit rise in 2007 profits that met market expectations.

The world's biggest listed building materials group that insulates one in five American homes said economic conditions were "far more uncertain" in 2008.

"We clearly have important factors of economic uncertainty this year, be it the evolution of the U.S. economy, the length of the U.S. property crisis or the impact of all this on western economies," Chief Executive Pierre Andre de Chalendar told a news conference on Saint-Gobain's full-year results on Thursday.

The weaker dollar and volatile raw material prices were other factors behind Saint-Gobain's cautious tone, leading the French group to forecast "moderate" growth in both operating profit, at constant exchange rates, and recurring net income.

"I have no crystal ball but as an industry leader we have had to make scenarios so we went for a median scenario for 2008," Chalendar said, declining to give more precise forecasts.

Read the entire story on the source link below.

600450 St-Gobain Sees Moderate Earnings Growth In 2008
Date: 28 January 2008
Source: Reuters

See more news about:

See more from these topics:

Others also read

Over the last five years, Sandton (South Africa) has been a magnet for large-scale developments. Designed by Boogertman + Partners Architects, the 85 000 m2 Discovery building is one of them.
Compagnie de Saint-Gobain’s Board of Directors decides to propose the renewal of the Director’s term of office of Mr. Pierre-André de Chalendar and to co-opt Ms. Dominique Leroy, CEO of Proximus, as an independent Director.
Vetrotech supplied over 1'600m2 of Contraflam Lite Structure EW30 solutions.
The glazed walkway at London’s Tower Bridge attraction, which was designed and manufactured by GLASSOLUTIONS, has been voted as winner of’s ‘Best window with a view 2017’ competition.
Architects Pelli Clarke Pelli specified the most demanding requirements for a fire-rated glass floor and skylight to date for this project including 2-hour fire rating, blast, and seismic resistance, live loading for foot traffic, and waterproofing.
WICONA, the specialist manufacturer of glazing and glass curtain walling, has worked with specialist contractor GLASSOLUTIONS to deliver the glazing and facades package for One Bedford Avenue, a flagship mixed use development in Central London.

Add new comment