March 21, 2019 / 6:46 AM / 7 months ago

Skanska to miss Construction margin target this year and next

STOCKHOLM, March 21 (Reuters) - Swedish construction group Skanska said on Thursday it did not expect to reach its target for an operating margin of at least 3.5 percent in its construction business this year or the next.

“Based on expected performance in current order backlog Skanska will unlikely be able to reach the operating margin target in Construction for 2019 and 2020,” the company said in a statement released ahead of investor presentations later on Thursday.

Skanska’s Construction business achieved an operating margin of 0.7 percent last year. Analysts’ expectations according to Refinitiv estimates showed the unit reaching a margin of 2.8 percent next year. (Reporting by Niklas Pollard, editing by Johannes Hellstrom)

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