May 3, 2019 / 12:33 PM / 2 months ago

Good weather helps Wienerberger profit soar, shares up

BERLIN (Reuters) - Construction group Wienerberger on Friday reported a 51 percent increase in its first-quarter core profit, which was helped by favourable weather and cost savings, sending its shares to a seven-month high.

Europe’s largest brickmaker said earnings before interest, tax, depreciation and amortisation (EBITDA) increased to 109 million euros (£93.5 million) in the three months through March from 58 million euros (£49.7 million) the previous year.

Revenue grew 15 percent to 777 million euros.

“On the back of these strong results, at this early stage in the year, we are reconfirming our full year EBITDA guidance with confidence,” Chief Executive Heimo Scheuch said in a statement.

Wienerberger said in February that it expects EBITDA to increase to 560-580 million euros this year from 469 million in 2018.

The target includes the first-time application of IFRS 16 accounting standards with a positive impact of around 41 million euros. Efficiency measures are expected to contribute 40 million euros.

Wienerberger shares rose as much as 4.9 percent to 21.58 euros, its highest level since October.

Reporting by Riham Alkousaa; editing by Tassilo Hummel and Jason Neely

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