Third quarter trading update trading update: Resilient performance in challenging markets; profit guidance for FY2023
Bekaert has delivered a resilient performance in the first nine months of 2023, despite many of our end markets remaining challenging. Sales of € 3 355 million (-13% against the same period in 2022) were lower in this period, as anticipated, from the reversal of raw material cost inflation and the normalization of energy surcharges in previous periods, and lower volumes, partially offset by a stronger mix.
Bekaert continues to benefit from the execution of its strategy, with business selection driving price and mix improvements, alongside excellent cash conversion and cost discipline. The group is also making good progress in developing its new growth platforms and with the completion of the disposal of the Steel Wire Solutions businesses in Chile and Peru, Bekaert continues its repositioning into markets with higher growth and margin.