Aggregate Industries' parent company released
3Q results last week. Adjusted earnings were below expectations and
LafargeHolcim's new CEO has cut future profit targets:
LafargeHolcim’s new chief executive lowered full-year profit forecasts and announced a strategy reboot for the world’s largest cement company. Jan Jenisch, who took over on September 1, used his first results presentation to launch a review of the group... Mr Olsen slashed capital expenditure, pushed through a disposal programme and appeared to win over many investors to the benefits of the merger. His successor said on Friday, however, that he wanted to focus on “simplification, cost discipline and performance management” and would present a revised strategic plan in March.
Reuters reported:
“We were not expecting Jenisch to move so quickly here which suggests to us that the gap between previous management’s guidance and reality was far greater than we expected”
