PARIS, Oct 25 (Reuters) - French construction materials group St Gobain reported higher third-quarter sales that came in slightly below an average of analysts’ forecasts, although the company reiterated its 2018 targets for annual profit growth.
Sales rose 1.8 percent from last year to 10.343 billion euros ($11.8 billion), below an average forecast for sales of 10.45 billion according to analysts polled by Inquiry Financial for Reuters.
St Gobain said it was sticking to its annual 2018 targets, namely for a like-for-like increase in operating profits, and reiterated that the second-half of the year should mark a stronger performance to the first-half.
In May, St Gobain dropped a plan to wrest control of Swiss rival Sika via a minority stake that carried extra voting rights.
$1 = 0.8787 euros Reporting by Sudip Kar-Gupta and Gilles Guillaume; Editing by John Irish