Saint-Gobain’s Successful Pricing Drove 3Q Beat — Market Talk

Saint-Gobain’s pricing helped it beat expectations more than volumes, Citi says. The French construction-materials company posted revenue of EUR10.80 billion, about 0.6% above consensus, the bank says, with like-for-like growth of 9.4%. Prices in 3Q increased 8.7% on year, while volumes increased only 0.7%, with the successful price increases offsetting raw-material and energy-cost inflation of EUR1.5 billion in 2021 compared with 2020, Citi says. Saint-Gobain confirmed its guidance for record operating income in the full year. After the company’s capital markets day earlier this month, the release may have limited impact on shares, Citi says. The bank retains its buy rating on the stock and a EUR70 target price. Shares closed at EUR60.89 on Thursday. (edward.frankl@dowjones.com)