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Saint-Gobain 1Q Revenue Down 15%; No FY Guidance

Post Time:Apr 30,2009Classify:Company NewsView:311

French building materials and specialty glass company Compagnie de Saint-Gobain SA (SGO.FR) Wednesday said first-quarter revenue fell 15% as the construction market continued to decline.

Saint-Gobain said its revenue in the first three months of the year fell to EUR8.78 billion from EUR10.3 billion a year earlier, just above expectations. Analysts polled by Dow Jones Newswires had forecast first-quarter revenue of EUR8.71 billion.

Saint Gobain said the first half of 2009 will be extremely challenging, but it didn't give any guidance for the full year.

"With all global markets in the doldrums during the first quarter of the year and faced with persistent uncertainty going forward, Saint-Gobain has not yet seen any concrete evidence that the economic crisis has bottomed out," the company said.

Saint-Gobain shares closed Wednesday down 0.3% at EUR26.39. They have lost 45% of their value in the past year as the economic downturn has substantially impacted the construction sector.

Source: Saint-GobainAuthor: shangyi

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