Holcim raises full year guidance, launches buyback after Q3 beats forecasts

ZURICH (Reuters) -Holcim raised its full year guidance and announced a new 2 billion Swiss franc ($2.02 billion) share buyback on Friday after the world's biggest cement maker reported better-than-expected sales and earnings during its third quarter.

Group sales rose to 8.05 billion Swiss francs in the three months to the end of September, beating forecasts for 7.73 billion francs in a company-gathered consensus of analysts.

Recurring group operating profit rose to 1.55 billion francs, slightly ahead of forecasts for 1.48 billion francs.

"These record results give us the confidence to upgrade our 2022 guidance for net sales, recurring EBIT and leverage, and launch a share buyback program," said Chief Executive Jan Jenisch.

Holcim now expects its full year sales to increase by at least 12% on a like-for-like basis, up from its previous view of a 10% increase.

It also said it expected recurring EBIT to increase in the mid-single digit percentage range. Previously it had said it only expected "positive growth."

($1 = 0.9892 Swiss francs)

(Reporting by John RevillEditing by Paul Carrel)