Holcim's $ 1.1 bn buyback following exceeding expectations

04 Mar 2024 CW Team

Holcim announced that it would initiate a share buyback of 1 billion Swiss francs ($1.14 billion) by the end of the year. This decision followed the building materials giant's fourth-quarter earnings report, which exceeded forecasts.

The Swiss cement maker, which had previously disclosed its intention to spin off its rapidly expanding American business, expressed confidence after achieving a record annual operating profit. This success was attributed to efficiency improvements and price hikes.

For the fourth quarter, Holcim reported a recurring operating profit of 1.12 billion Swiss francs, slightly surpassing the anticipated 1.07 billion francs according to analysts. Sales also experienced a 2.1% increase, reaching 6.6 billion francs, in contrast to the analysts' forecast of 6.5 billion francs.

In pre-market trading in Zurich, shares witnessed a 2.6% increase.

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