Holcim Posts Lower Q3 Profit

Holcim HCMLY reported a 4.7% drop in its profit for the third quarter. Holcim's quarterly net profit slipped to 447 million Swiss francs ($462.8 million), versus ayear-ago profit of 469 million francs. However, analysts were expecting a profit of 460 million francs. Its sales dropped 2.1% to 5.18 billion Swiss francs compared to 5.29 billion francs, versus estimates of 5.28 billion francs. Excluding the negative currency impact, Holcim's sales climbed 0.9%. Bernard Fontana, CEO, said, “Holcim posted a solid like-for-like performance in the first nine months of 2014 building on the good traction earlier in the year and despite the ongoing challenging market environment. The Group increased like-for-like operating profit on the back of the solid financial performance in North America, Europe, and Africa Middle East. However, weak emerging market currencies continued to negatively impact consolidated financial performance, in particular in Asia Pacific and Latin America.” Holcim shares gained 0.72% to close at $14.05 on Friday.