Brief: Kingspan sees FY profit up 10%, some key raw materials falling in Q4

Kingspan

07/11/2022 07:00

Nov 7 (Reuters) - Kingspan Group PLC  KSP.I :
    * KINGSPAN - SALES IN NINE MONTH PERIOD TO END-SEPT 6.25
BILLION
EUR, UP 33% Y/Y, WITH QS SALES GROWTH OF 17%
    * KINGSPAN - INSULATED PANELS SALES UP 29% YEAR TO DATE AND
BY 13%
IN Q3 (UNDERLYING +23% AND 7%)
    * KINGSPAN - UNDERLYING SALES (PRE CURRENCY, ACQUISITIONS)
UP 20%
YEAR TO DATE, +9% IN Q3
    * KINGSPAN - Q3 GLOBAL SALES VOLUMES WERE EXPECTEDLY
SLUGGISH
REFLECTING SLOWDOWN IN ORDER PLACEMENT FLAGGED MID-YEAR
    * KINGSPAN - HIGHER LEVEL OF INVENTORY HAS HAD A
SHORT-TERMIMPACT
ON MARGINS
    * KINGSPAN - EXPECTATIONS AROUND RAW MATERIAL PRICING
UNDOUBTEDLY
A FACTOR, WITH SOME PICK UP IN ORDER PLACEMENT POST SUMMER
    * KINGSPAN - ACTIVITY IN THE AMERICAS HAS HELD UP REASONABLY
WELL,
AS HAS GERMANY AND UK WITH SOFTER ACTIVITY ELSEWHERE IN EUROPE
    * KINGSPAN - SENTIMENT IS CAUTIOUS FOR MOST PART ALTHOUGH
NOT
UNIFORMLY SO, GLOBAL BACKLOG OF ORDERS REASONABLY STABLE PAST
THREE MONTHS
    * KINGSPAN - SHARP INCREASES IN RAW MATERIAL PRICES APPEAR
TO HAVE
PEAKED, AT LEAST FOR NOW, CERTAIN KEY INPUTS LIKELY TO REDUCE IN
PRICE IN Q4
    * KINGSPAN - EXPECT TO DELIVER A FY TRADING PROFIT IN THE
REGION
OF 830 MILLION EUR VERSUS 755 MILLION IN 2021

Source text for Eikon:  ID: 
Further company coverage:  KSP.I 
 (Reporting By Padraic Halpin)
 ((Padraic.Halpin@thomsonreuters.com;))