German ceramics manufacturer, Villeroy & Boch, has reported a decline in revenue and earnings for the first nine months of the year. The company attributes this decline to the deteriorating construction industry and currency headwinds. As a result, Villeroy & Boch has revised its guidance to the lower end of its previous outlook.
Revised Forecast for 2023
Villeroy & Boch now projects a decline in operating earnings before interest and taxes for 2023 at the lower end of its previous forecast, which originally predicted a fall of between 5% and 10%. Additionally, the company expects a decline in consolidated sales at the lower end of its previously stated range of 3% to 6%.
Unchanged Investment Forecast
Despite the challenging market conditions, Villeroy & Boch's forecast for investments in property, plant, and equipment, as well as intangible assets, remains unchanged. The company expects to invest approximately 50 million euros ($52.9 million) in these areas.
Villeroy & Boch's consolidated revenue for the first nine months of this year was EUR650.6 million, representing an 8.8% decrease compared to the same period last year. Similarly, the company's EBIT declined by 12% to EUR56.8 million.
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