HeidelbergCement AG - Q1 out-turn comfortably ahead of estimates

Davy Research
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HeidelbergCement (HEI) has pre-released Q1 results that were significantly ahead of market estimates for the quarter. Trading in the period has been strong with margins up materially year-on-year (yoy) as pricing and cost savings comfortably offset rising input cost inflation. No detail was provided by region; however, with Europe and North America impacted by weather, the group’s divisions in Asia and Africa likely performed strongly. While clearly positive for HEI, the update highlights the strong momentum across the sector on both price and margin.