Saint-Gobain shares slide as Americas performance disappoints
Shares of French building materials producer Saint-Gobain SGOB.PA fall nearly 3% following broadly in line quarterly update but weaker-than-expected sales in the Americas
RBC Europe analysts attribute the US volume decline to muted construction activity and flat Americas margins
"Typically, 10% of roofing demand is derived from extreme weather events - a lack of hurricanes this year has therefore weighed on volumes, particularly against a tough comparison base of 2024," RBC adds in a note
Jefferies analysts say that Americas reported weaker-than-expected like-for-like (lfl) sales (-2.9%) with North America's 6.9% drop due to residential new build weakness and subdued storm season volumes, while Latin America partially offset this with a growth of 6.4%
Glynis Johnson of Jefferies sees downward pressure on Saint-Gobain's FY25 margins from the regional sales mix but notes potential operating leverage improvement in Europe and storm season recovery in 2026
The stock is at the bottom of France CAC40 index .FCHI
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