HeidelbergCement warns 2013 targets tougher to achieve
FRANKFURT (Reuters) - HeidelbergCement (HEIG.DE) warned on Thursday it would be much more difficult to reach its full-year targets due to currency headwinds as underlying earnings for the third quarter missed expectations.
The company, one of the world's biggest cement producers, said quarterly operating income before depreciation (OIBD) fell 7 percent to 811 million euros ($1.10 billion), falling short of the 839 million euros forecast by analysts in a Reuters poll.
Rising sales volumes, price increases and lower energy and raw material costs could not fully compensate for negative currency effects, according to HeidelbergCement.
"We confirm our earnings outlook for 2013, even though reaching our targets is much more challenging than assumed at the end of the first half," Chief Executive Bernd Scheifele said in a statement.
HeidelbergCement aims to further increase revenue and operating income this year while significantly improving profit before tax.