By Kim Richters
HeidelbergCement AG on Thursday backed its guidance for the year despite a drop in nine-month profit.
The German cement maker /zigman2/quotes/202418791/delayed DE:HEI +0.19% said net profit for the period declined to 752 million euros ($839.5 million) from EUR915 million a year earlier.
Revenue for the third quarter rose 2% to EUR5.06 billion from EUR4.94 billion, it said.
The company’s third-quarter result from current operations was EUR1.60 billion, up from EUR1.44 billion, it said.
Analysts expected HeidelbergCement’s third-quarter revenue at EUR5.19 billion, according to consensus forecast provided by the company.
HeidelbergCement backed its outlook for the year, expecting a rise in sales volumes in core products such as cement, aggregates and ready-mix concrete.