(Alliance News) - Buzzi Spa on Wednesday reported that in the first nine months of the year net revenues were EUR3.30 billion, up 10% from EUR3.00 billion in the same period last year.

As of September 30, cement sales stood at EUR20.13 billion from EUR21.91 billion and down 8.1 percent from 2022.

Concrete sales in the period amounted to EUR7.74 billion from EUR8.80 billion in the first nine months of last year.

Net financial position is EUR673 million from EUR288 million as of December 31, 2022.

Regarding the company's creditworthiness, Standard & Poor's recently confirmed its long-term rating 'BBB' and short-term rating 'A-2', with a Stable outlook, based on the company's robust operating results and ample financial flexibility, the company explained in a note.

Looking ahead, the company expects to close - as reported to the market in August - the current year with results "significantly better than those of 2022, thanks to sales price growth and a more favorable cost trend than initially expected," the released note said. Recurring EBITDA for the full year is expected at EUR1.10-EUR1.20 billion.

Buzzi trades in the red by 1.2 percent at EUR25.40 per share.

By Claudia Cavaliere, Alliance News reporter

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