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January 29, 2021 02:08 PM

Forbo notes 'better than expected' recovery in earnings

European Rubber Journal Report
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    BAAR, Switzerland—After a rough start to 2020, market demand for Forbo's products has "to some extent" recovered more quickly than expected, the company reported on Jan. 15.

    The 5,400-employee group produces flooring systems, building and construction adhesives and power-transmission and conveyor-belt components.

    The manufacturer posted net sales of around $1.25 billion in 2020, about 13 percent lower than the 2019 level.

    But following a steep pandemic-linked decline from mid-2020, Forbo said markets recovered in recent months, with sales trending "better than anticipated" toward the end of the year.

    Forbo said it was helped by steps taken to protect employees and bolster delivery-capability amid the COVID-19 crisis, as well as efficiency measures.

    Higher capacity-utilization "had an additional positive effect on earnings, which means that operating profit margins in both divisions improved significantly versus the first half of the year."

    Forbo anticipates profits to approach $112 million for the full year 2020, compared to the prior-year $155.5 million.

    The company will announce detailed figures on March 4 when it publishes its annual results for 2020.

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