LafargeHolcim earnings miss estimates

Zurich - LafargeHolcim first-quarter earnings missed expectations ahead of a shareholder meeting where management will try to convince investors of the benefits of creating the world’s biggest cement company, even as the value of their holdings has tumbled.

Adjusted operating earnings before interest, taxes, depreciation and amortization fell 22% in the first three months of the year to 824m Swiss francs ($848m), the Jona, Switzerland-based company said in a statement on Thursday.

That compared with the 942m franc average estimate of eight analysts surveyed by Bloomberg.

Revenue in the first quarter declined 5.5% to 6.1bn francs, also missing estimates for 6.2bn francs.
The company said it’s on track to meet 2016 targets.