Finance
Swiss chemical maker Sika’s nine-month sales rise 5.5%
Published by Uma Rajagopal
Posted on October 25, 2024
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Published by Uma Rajagopal
Posted on October 25, 2024
(Reuters) -Swiss industrial and construction chemicals company Sika reported a 5.5% increase in sales for the first nine months of 2024 on Friday, and confirmed its outlook for the year.
The company, whose chemical additives are used to strengthen and waterproof building materials in walls, floors and roofs, said sales rose to 8.91 billion Swiss francs ($10.29 billion) in the nine months through September.
Sales increased 9.1% when measured in local currencies, which removes the translation effect of the Swiss franc.
Earnings before interest, depreciation and amortisation (EBITDA) rose 13.2% to 1.7 billion francs, Sika said.
Chief Executive Thomas Hasler said the growth was mainly due to a large number of infrastructure projects, reshoring activities in North America and strong demand for semiconductor plants and data centers.
Sika, whose results are considered an indicator of the health of the construction industry, said its sales into the sector increased by 11.3% in local currencies.
This made up for the weaknesses in the automotive sector, where Sika supplies adhesives and soundproofing products to carmakers. Sales for industrial manufacturing fell by 2.1% in local currencies.
The company also maintained its full-year guidance, saying it still expects a 6%-9% increase in sales, when measured in local currencies, and a bigger increase in EBITDA. ($1 = 0.8661 Swiss francs)
(Reporting by John Revill and Surbhi Misra; Editing by Savio D’Souza)